The scrutiny is expected to be over this month itself.
"We did not abuse RBI governors," says Chidambaram.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
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Reliance, Birla Group, Airtel eye small finance banks.
In his book, former governor Subbarao says Chidambaram, Pranab were piqued by his tight rate policy.
DFS writes to departments that haven't responded to RBI's request for information.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
'Government of India has the right to give directions to RBI'.
Chidambaram has been magnanimous in endorsing my book, says the former RBI Governor D Subbarao.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
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