Opinion | How Has RBI Developed A Spine Against Finance Minister To Defend Inflation Rate

Under governor Urjit Patel, India’s central bank will target inflation of four per cent, three officials familiar with its thinking said, adopting a narrower reading of its mandate than markets in a bid to stamp out rampant price rises of the past. The differing interpretations of amendments to last year’s Reserve Bank of India (RBI) Act reflect sometimes strained relations between the market and the central bank, and are proving a test for Patel some eight months into his tenure.

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