View: The curious case of RBI’s ‘missing functions’ in its annual report

What is strange is the missing line in the last two RBI reports: ‘Acting as the lender of last resort’ --- a classical and inseparable function of any central bank; institutionalized since the Great Depression, it gives a monetary authority the power to throw a lifeline to a bank or financial institution to avert a domino effect and full-blown crisis.

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