- Saturday, May 11, 2024
By: Radhakrishna N S
India’s government stressed on Wednesday (31) that the autonomy of the country’s Reserve Bank of India (RBI) is ‘essential’ as it sought to calm investors worried about a growing public quarrel with the central bank. Indian stocks and bonds fell and the rupee weakened earlier in the day amid reports that RBI governor Urjit Patel may consider resigning given the breakdown in relations. The media reports also said the government had invoked never-before-used powers to issue directions to the central bank governor on matters of public interest. In a statement issued hours later through the finance ministry, the government said…
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