June 15, 2006
No to RBI outsourcing plans
The announcement a few days back that RBI is planning to outsource its clearing function has met with sharp criticism from economic analysts. Reacting to the RBI plan, Amiya Bagchi, director of Institute of Development Studies in Kolkata, said that India could emerge as a favorite ground for illegal money laundering because of the outsourcing plans. Addressing a meeting of All-India Reserve Bank Employees Association, Bagchi went on to say:
The RBI could not be a copybook institution of central banks of other countries like the US, UK and other developed countries.
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