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RBI Taming Irks Investors
World Economy

RBI Taming Irks Investors

Proposals from a government panel reviewing monetary policy rattled Indian markets on Friday, as foreign and domestic traders said a move to increase the government’s weight in decision-making could undermine the Reserve Bank of India’s independence, Reuters reported. Under the panel’s latest proposals, published late on Thursday and part of a broad and lengthy financial overhaul, the government would appoint four out of seven positions on a planned monetary policy committee. The Reserve Bank of India would appoint three—one more than under earlier plans, but still less than the government. Under the proposal, the RBI governor also has no veto power, though he did under an earlier iteration of the plan.

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