Interesting letter

It was interesting to read R C Mody’s letter, “Extent of RBI’s autonomy” (January 26). He beautifully illustrates the exchange of letters between former prime minister Jawaharlal Nehru and then RBI governor B Rama Rau. It seems the Centre has always called the shots with respect to the RBI.

Perhaps the Narendra Modi government took its cue from Nehru's hard stand when the issue of the RBI's autonomy cropped up during Raghuram Rajan's tenure as its governor. The only difference might be that while Rau submitted his resignation, Rajan stood his ground like a true fighter. Of course, the government did not give him an extension when his term ended. 

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