Government steps in as RBI row escalates
Governor Patel rumoured to have threatened resignation
The Indian Ministry of Finance stepped in to emphasise the Reserve Bank of India’s “autonomy” today (October 31), as a row over government involvement in the central bank’s affairs escalated.
The ministry said in a statement the RBI’s autonomy was an “essential and accepted governance requirement” and that “governments in India have nurtured and respected this”.
However, the statement’s tone is not entirely conciliatory. It also says “extensive consultations” take place between the government
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