RBI Governor to hold open house for staff to boost functioning

“Governor, in his interactions or other communications on several occasions, has emphasised that he remains accessible to the whole RBI community, and he maintains an open-door policy and welcomes suggestions or feedback for improvement,” the circular said.

During such an open house, RBI staff can present and discuss suggestions for improving the Bank’s functioning, it said.

A message sent to the RBI did not elicit any response.

The circular, however, said that matters related to service, including transfer or postings, should be avoided.

Malhotra, who stepped in as the 26^th Governor of the RBI in December last year, has emphasised that he will adopt a consultative approach with all stakeholders.

“Public consultation is one key pillar of policy making which the RBI does whenever it publishes or finalises its regulations or master directions. This is one thing that I will continue to do so that we are able to carry forward all the functions and objectives with which the RBI has been entrusted with,” the Governor told reporters after taking over the charge.

In the last nine months, Malhotra has been meeting with various stakeholders to take their feedback before finalising regulations. The RBI has been organising outreach with industry, associations, banks, NBFCs and other regulated entities.

Recently, the RBI released a consultation paper on the review of the monetary policy framework. The paper has sought public comments on four questions – whether monetary policy be guided by headline inflation or core inflation, if the 4 per cent inflation target remains optimal, should the tolerance band around the target be revised, and if the target inflation be removed and replaced with a range to maintain flexibility along with credibility.