Ex-RBI chief Raghuram Rajan says India rate panel's doing a good job

The RBI under Patel will keep the repurchase rate unchanged at 6 percent when it reviews policy Feb. 7, according to most economists in a Bloomberg survey

Former Reserve Bank of India Governor Raghuram Rajan gave a vote of confidence to the monetary policy committee led by his successor, which has been facing criticism from some government advisers for keeping interest rates too high.

Speaking to Bloomberg Television in Davos on Tuesday, Rajan said the six-member panel headed by Urjit Patel "is doing a good job" in focusing on inflation. Price targets are useful for countries that suffer from high inflationary pressures, he added.

The decision to set up the panel was taken while Rajan was still at the RBI, but it came into force soon after the end