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Chennai, July 3 (IANS) The Reserve Bank of India (RBI) should transform into a knowledge institution to meet the challenges posed in the changing global economic scenario, said an official.
"During the last five years the world has passed through an extraordinary economic crisis. The central banks across the world were blamed for that. Hence the central bank across the globe have to undergo a change," D. Subbarao, governor, said here Wednesday at the RBI Staff College golden jubilee function.
According to him, the RBI could not afford to work out of Ivory Tower and had to be attentive to the happenings in the world.
He said the RBI should become a knowledge institution and transform knowledge into wisdom.
Subbarao said the RBI should be able to manage the policy in a globalised world and have an open mind to learn from the events that were happening.
He said the RBI should be able to make mature, balanced and intelligent judgment and should be open, communicative as well as consultative.
One of the important attributes that he listed out was that the RBI should take accountability, be positive and driven by values.
Subbarao said the RBI will come out with a code off ethics and justified the central bank's decision to allow corporate groups to enter the banking sector due to changing global scenario and in the national interest.