New Delhi, June 29 -- Long as I remember the rain been comin' down/ Clouds of mystery pourin' confusion on the ground/ Good men through the ages tryin' to find the sun/ And I wonder, still I wonder, who'll stop the rain?

-Cosmo's Factory by Creedence Clearwater Revival

Some central banks have a single mandate and some have dual mandates. The Reserve Bank of India (RBI) has an explicit two-fold legal remit, price stability and growth patronage, although the RBI Act's preamble also includes regulating the issuance of bank notes, the management of reserves to foster monetary stability and operation of the country's currency and credit system "to its advantage."

There is now a growing clamour around the world that central banks, including ...