Iyer, S. Pramila and S. Chandrachud
Legislative framework for transparency in monetary policy: A critical study of India’s laws - Economic & Political Weekly - 61(28), Jul 11, 2026: p.61-70
How India’s legislative framework embeds transparency in monetary policy is examined, focusing on the Reserve Bank of India’s statutory design. Using the Systematic Legal Diagnostic Framework for Monetary Policy Transparency, the paper evaluates three dimensions—law on paper, law through time, and law in action. Findings reveal that while procedural transparency improved through Monetary Policy Committee reforms, deliberative and oversight transparency remain underdeveloped. Key gaps include absent statutory disclosure mandates, fragmented financial statutes, and weak parliamentary oversight. Drawing on the practices of the Bank of England and the European Central Bank, the paper proposes a unified transparency framework codifying disclosure duties, parliamentary reporting, and crisis communication protocols.- Reproduced
https://www.epw.in/journal/2026/28/special-articles/legislative-framework-transparency-monetary-policy.html
Legislative framework for transparency in monetary policy: A critical study of India’s laws - Economic & Political Weekly - 61(28), Jul 11, 2026: p.61-70
How India’s legislative framework embeds transparency in monetary policy is examined, focusing on the Reserve Bank of India’s statutory design. Using the Systematic Legal Diagnostic Framework for Monetary Policy Transparency, the paper evaluates three dimensions—law on paper, law through time, and law in action. Findings reveal that while procedural transparency improved through Monetary Policy Committee reforms, deliberative and oversight transparency remain underdeveloped. Key gaps include absent statutory disclosure mandates, fragmented financial statutes, and weak parliamentary oversight. Drawing on the practices of the Bank of England and the European Central Bank, the paper proposes a unified transparency framework codifying disclosure duties, parliamentary reporting, and crisis communication protocols.- Reproduced
https://www.epw.in/journal/2026/28/special-articles/legislative-framework-transparency-monetary-policy.html