Is there need for CAG audit of RBI accounts?

The Government is understood to have appointed recently two auditors to examine the accounts of the Reserve Bank of India. Rather than give the central bank more autonomy, as is the case in most countries, the approach, of late, has been to take away even the limited functional/operational autonomy the RBI enjoys.

The setting up of the FSDC (Financial Stability and Development Council), nomination of two government officials to the RBI Central Board, the recommendations of the FSLRC (Financial Sector Legislative Reforms Commission) to have a super-regulator, and the way Government interferes in the Bank’s functioning directly/ indirectly only point towards making the RBI merely a government department with an independent office. 

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