It is an open secret in government circles that the relations between the Union finance ministry and the Reserve Bank of India (RBI) are not too cordial. On many occasions in the past, finance ministry mandarins have indicated their disappointment and even frustration over the way the RBI has dealt with monetary policy matters, bank supervision and the bond market. A growing perception is that Mint Road in Mumbai, where the RBI is headquartered, has in the last the couple of years distanced itself from the Union government to an extent that no meaningful dialogue is possible.
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First Published: Mon, May 28 2018. 05:55 IST