A multi-tasking central bank responds better
The synergies in the Reserve Bank of India's multiple roles - as monetary authority and as foreign-exchange, regulator and debt manager - enabled it to respond swiftly and effectively to the global crisis, said Usha Thorat, a deputy governor of the central bank.
Thorat said that these multiple roles enabled the central bank to ensure orderly functioning of money, foreign- exchange and government securities markets while dealing with capital flows, managing additional government market borrowing
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