Demonetization and RBI :The central bank was helpless

Role of RBI .reputation gone , credibility lost and the institution undermined Became a scapegoat for all the failure and stupidity of the government It was clear that the RBI was forced to accept this measure and it was a one man show all along. Virtually it surrendered before the government for their political expediency and also exposed its incompetence in so many ways in handling this issue of note ban right from the start .The credibility and the autonomy of the Central bank was undermined; failure of the measure was evident by the frequent flip flops in rules and regulations so many times and RBI became the laughing stock. Those who remained patient and had chosen to exchange their old notes at their convenience anytime before December 30 were questioned and put to inconvenience The whole exercise undertaken ,in unwarranted fashion and inadequate preparation has exposed the shallowness and crookedness of the administrative machinery symbolized by PM and it was unfortunate that the RBI became the scapegoat and got fully exposed .Finding practical/ pragmatic ways to relieve the distress of the people was next to impossibility ” as it was humanly impossible .