......In his earlier stint in Finance, Chidambaram had had an uneasy relationship with the then RBI Governor Y V Reddy for the latter would not heed his pressing advice on rate- cuts. Now it is the turn of Subbarao. Since he had been the RBI Governor himself, we expect the prime minister to intervene, and draw a ~ Lakshamrekha~ beyond which the finance minister would not go to try and pressurise the RBI Governor to do his arbitrary bidding. It is another matter that during his stints as RBI Governor Singh had readily given in to the wishes of his ministerial bosses. Times have changed. And Reddy and, now Subbarao, epitomise the spirit of a transparent system, which demands adherence to institutional roles and rules rather than a meek submission to arbitrary ministerial diktats........
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