The recent rather public spat between RBI Deputy Governor K.C. Chakrabarty and State Bank of India Chairman Pratip Chaudhuri underlines the turf war that is being waged silently in the higher echelons of the government. While most observers recall that Mr Chaudhuri’s predecessor O.P. Bhatt had also spent his tenure at the SBI waging a war of words with the apex bank over various issues, it may be the first time that the spat has spilled out in public. Some feel that finance ministry babus have been trying to dominate and influence policies that have been proposed by regulators like the RBI and Sebi. And if the current bank regulatory environment is confusing, leading to public rebukes as in this instance, it may have to do with North Block as well.
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