Who Should Control India’s Central Bank?
The standoff between India's government and the Reserve Bank of India isn't problematic because of the risk of infringing on central-bank independence. It is problematic because, rather than fighting to protect the public interest, the government's goal is to revive irresponsible bank lending, protect its cronies, and win votes.
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NEW DELHI – The Reserve Bank of India (RBI) is locked in a bitter public feud with the administration of Prime Minister Narendra Modi over Modi’s attempts to encroach on the central bank’s independence. In fact, the government’s actions are a serious problem, but not for the reason many people seem to think.