Why do we need RBI? What is the issue between Raghuram Rajan vs GoI
Raghuram Rajan image courtesy: thehindubusinessline.com "Emergency declared after Raghuram Rajan says no to 2nd term: the sun will not rise for next 15 days" read a heading in Unreal times. That faking news is kind of how paranoid and extreme the reactions have been. Of the 50,000 people who have tweeted about the issue 49988 don't seem to know what they are talking about! I see this as an opportunity for another "Made easy" article! Indian Economics and RBI made easy. I will write another piece on Stock markets. For now let us stick to RBI. Why exactly do we need something like an RBI? For a variety of reasons. Say, you have earned 5 lakh Rs. Being a middle class guy you go and put that in an FD in ICICI Bank. What if the manager is secretly traveling to Kashi and dumping your money in Ganga ? Or worse, what if he is using this money to produce Himesh Reshammiya's next film("Hamaarrrrrraa Surroorrrr" with as many "R"s stuffe...