RBI standoff ends in compromise after marathon meeting
Nine-hour meeting ends in agreement, but government extracts concessions on key issues
The Reserve Bank of India and government have reached an agreement that looks set to dispel recent tensions, as both sides offered concessions during a marathon board meeting today (November 19).
The meeting pitted several government-appointed board members who wanted the central bank to do more to support Indian growth and alleviate budget pressures against RBI staff concerned over possible threats to the central bank’s independence.
After nine hours of talks, officials managed to avoid the
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