India’s former central bank chief has questioned the Reserve Bank of India’s persistent hand in the currency markets, calling it “more interventionist than is warranted”, and warning that such an approach distorts market behaviour and stunts the development of mature financial institutions.In the interview series themed “India 2047: Raising the Game for a Developed Future,” Duvvuri Subbarao, who served as RBI Governor from 2008 to 2013, flagged the inconsistency between the central bank’s stated policy of managing only volatility and its actual conduct.
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