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It is clear that RBI Governor Raghuram Rajan wants to break new ground, from policymaking to policy lingo and he has a supportive deputy on toe as well. So when posed with the cliched "hawk and dove" question, Rajan threw in a third element. "We are neither hawks nor doves. We are owls." Deputy governor Urjit Patel added that the bird is a symbol of wisdom and vigilance, which RBI also stands for.
But the nocturnal bird's wisdom tag is a rather Western one and in India, the bird is taken to be a dumb creature—so much so that an oft-used Hindi word for a fool is "ullu"—the word for the bird in the language. One wonders, is the date of the next policy review, April 1—the All Fools Day, is a coincidence.