POST DEMONETIZATION

The RBI’s autonomy and image have been “dented beyond repair,” RBI employees on Friday wrote to Governor Urjit Patel. The letter comes days after at least three former governors – Manmohan Singh, Y.V. Reddy and Bimal Jalan – voiced concerns about the reserve bank of india’s functioning in the wake of demonetisation. Former deputy governors Usha Thorat and K.C. Chakrabarty echoed the worries.The employees complained of “mismanagement” since the note ban and said they feel humiliated. Accusing the Centre of interfering in the RBI, they termed the appointment of a senior finance ministry official as a “blatant encroachment” in its currency management.

The letter said the Reserve bank of india staff had performed their job excellently following the Centre’s move to scrap Rs 500 and Rs 1,000 notes – 87 per cent of the currency in circulation.

RBI