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A simple google search gets you RBI loosing its credibility: http://www.hindustantimes.com/analysis/post-demonetisation-rbi-s-credibility-has-been-whittled-do

A simple google search gets you RBI loosing its credibility: http://www.hindustantimes.com/analysis/post-demonetisation-rbi-s-credibility-has-been-whittled-down/story-OoKW72YVxsp5LxprxREo2J.html http://www.hindustantimes.com/analysis/post-demonetisation-r... http://indianexpress.com/article/business/banking-and-finance/reserve-bank-of-india-demonetisation-urjit-patel-finance-ministry-the-disquieting-silence-of-the-rbi-4474662/ http://indianexpress.com/article/business/banking-and-financ... > This has led to people such as former prime minister Manmohan Singh (himself a former RBI chief), former finance minister P Chidambaram, and former RBI governors Y V Reddy and Bimal Jalan raising concerns about the “harm” to the RBI’s “credibility” and talking of the “institutional damage” it has “suffered” in the process. http://www.mydigitalfc.com/my-world/rbi-row-oppn-slams-govt-destroying-credibility-autonomous-body http://www.mydigitalfc.com/my-world/rbi-row-oppn-slams-govt-... > “I don’t think ever before, the employees of a government institution especially an independent and respectable institution like RBI have written against its national policy. Very clearly RBI has compromised to an extent never ever before. Prime Minister Modi and his government have destroyed RBI, its credibility and the role of an institution,” Congress leader Sandeep Dikshit told ANI. Poor loosing jobs https://thewire.in/157093/1-5-million-jobs-lost-2017-demonetisation/ https://thewire.in/157093/1-5-million-jobs-lost-2017-demonet... http://indianexpress.com/article/india/demonetisation-35-per-cent-job-losses-50-per-cent-revenue-dip-says-study-by-largest-organisation-of-manufacturers-4465524/ http://indianexpress.com/article/india/demonetisation-35-per... https://twitter.com/r0h1n/status/885774769622196224 https://twitter.com/r0h1n/status/885774769622196224

rajathagasthya 9y ago
3 out of the 4 persons mentioned here (Singh, Chidambaram and Dikshit) are opposition party leaders, so I wouldn't take their statements at face value.
- statguy 9y ago
  Did you even read the articles? There are 5 people mentioned, two of whom are former RBI governors and apolitical. While Manmohan Singh and Chidambaram are from the opposition, they are noted economists - MMS had predicted back in Nov. 2016 that GDP growth would drop by two percentage points and he was bang on target. The third article was about a letter written by RBI employees about the RBI loosing credibility and the Congress spokesperson was simply echoing their words. I can't provide more sources right now (on phone) - during the demonetization period - ATMs were not working, shortage of new notes, RBI issuing new directives each day because it could not cope, a general confusion all around - all severely damaged the RBI.
  - harigov 9y ago
    BTW, the letter from RBI employees was about mismanagement rather than demonetization perse - http://timesofindia.indiatimes.com/business/india-business/feeling-humiliated-by-post-note-ban-events-rbi-employees-write-to-urjit-patel/articleshow/56527140.cms http://timesofindia.indiatimes.com/business/india-business/f... That article that you linked seems to be intentionally ambiguous.
    - statguy 9y ago
      It was about mismanagement stemming from the demonetization, loss of autonomy of the RBI.
      - virtuabhi 9y ago
        Observations are not changing your prior belief. You should change name from "stat(istics)guy" to "con(stant)guy".
  - rajathagasthya 9y ago
    I did read the article, thanks for asking. Doesn't change the fact that those 3 persons I mentioned are opposition leaders. And hence I don't take their (Singh, Chidambaram and Dikshit) words at face value. I'm not even questioning Singh's credentials as an economist. Edit: I didn't realize that you mentioned 5 people in your comment. I stand corrected on that account.
harigov 9y ago
I wouldn't take the statements about credibility at their face value. AFAIK it didn't seem like RBI's credibility got affected. Also, as other poster cited, most of those seem to be the opposition and they are just "concerns" rather than "facts". With respect to poor losing jobs, that seems like a play around statistics more so than actual facts. 1.5 million out of 406.5 million lost jobs, which equals to 0.36%. Employment usually goes in cycles so we don't know how this relates to the previous year. Given that April is the end of financial year, could it be the case that people usually get fired during that time? I don't know. I have no meat in this game. I would consider myself as an observer interested in knowing how it worked out. This whole debate is very polarised and it is hard to separate fact from fiction. I would take everything with a grain of salt. As an Indian growing up in the hopes of seeing a developed country, I was hopeful that this could actually be the catalyst that roots out corruption. Unfortunately, that doesn't seem to be the case. Well, we keep dreaming on...
- statguy 9y ago
  You may debate about job losses, but all of the aggregate effects have been captured by the GDP growth rate which has dipped to 5.7% compared to 7.9% the same quarter last year.
  - virtuabhi 9y ago
    This is mostly due to GST impl. in July. Manufacturing had stopped and warehouses were no longer being filled from March onwards in anticipation of GST.

rajathagasthya 9y ago

3 out of the 4 persons mentioned here (Singh, Chidambaram and Dikshit) are opposition party leaders, so I wouldn't take their statements at face value.

statguy 9y ago
Did you even read the articles? There are 5 people mentioned, two of whom are former RBI governors and apolitical. While Manmohan Singh and Chidambaram are from the opposition, they are noted economists - MMS had predicted back in Nov. 2016 that GDP growth would drop by two percentage points and he was bang on target. The third article was about a letter written by RBI employees about the RBI loosing credibility and the Congress spokesperson was simply echoing their words. I can't provide more sources right now (on phone) - during the demonetization period - ATMs were not working, shortage of new notes, RBI issuing new directives each day because it could not cope, a general confusion all around - all severely damaged the RBI.
- harigov 9y ago
  BTW, the letter from RBI employees was about mismanagement rather than demonetization perse - http://timesofindia.indiatimes.com/business/india-business/feeling-humiliated-by-post-note-ban-events-rbi-employees-write-to-urjit-patel/articleshow/56527140.cms http://timesofindia.indiatimes.com/business/india-business/f... That article that you linked seems to be intentionally ambiguous.
  - statguy 9y ago
    It was about mismanagement stemming from the demonetization, loss of autonomy of the RBI.
    - virtuabhi 9y ago
      Observations are not changing your prior belief. You should change name from "stat(istics)guy" to "con(stant)guy".
- rajathagasthya 9y ago
  I did read the article, thanks for asking. Doesn't change the fact that those 3 persons I mentioned are opposition leaders. And hence I don't take their (Singh, Chidambaram and Dikshit) words at face value. I'm not even questioning Singh's credentials as an economist. Edit: I didn't realize that you mentioned 5 people in your comment. I stand corrected on that account.

harigov 9y ago

I wouldn't take the statements about credibility at their face value. AFAIK it didn't seem like RBI's credibility got affected. Also, as other poster cited, most of those seem to be the opposition and they are just "concerns" rather than "facts". With respect to poor losing jobs, that seems like a play around statistics more so than actual facts. 1.5 million out of 406.5 million lost jobs, which equals to 0.36%. Employment usually goes in cycles so we don't know how this relates to the previous year. Given that April is the end of financial year, could it be the case that people usually get fired during that time? I don't know. I have no meat in this game. I would consider myself as an observer interested in knowing how it worked out. This whole debate is very polarised and it is hard to separate fact from fiction. I would take everything with a grain of salt. As an Indian growing up in the hopes of seeing a developed country, I was hopeful that this could actually be the catalyst that roots out corruption. Unfortunately, that doesn't seem to be the case. Well, we keep dreaming on...

statguy 9y ago
You may debate about job losses, but all of the aggregate effects have been captured by the GDP growth rate which has dipped to 5.7% compared to 7.9% the same quarter last year.
- virtuabhi 9y ago
  This is mostly due to GST impl. in July. Manufacturing had stopped and warehouses were no longer being filled from March onwards in anticipation of GST.