Rexit will not have any impact on RBI: SBI Research

June 21, 2016 19:32

Suggesting that Reserve Bank as an institution will not be impacted by Governor Raghuram Rajan's departure, the economic research wing of SBI has termed all other discussion surrounding his decision as "speculative and nonsense".

"We believe any institution is more important than individuals and ultimately what is important is the credibility and the independence of the institution and nothing else. Any other discussion apart from such is purely speculative and nonsense," SBI Research said in a note today.

"Is the event positive or negative for the economy or for the RBI as an institution? Institutions are human creations that decide the rules of the game, they strive to create a Nash Equilibrium, minimising the incentive for unilateral deviations," it added.

The report also described the RBI as an "extremely visionary, pragmatic and fairly independent" organisation throughout its history.

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