Monetary easing: Household savings take a hit - DR. N. A. MUJUMDAR

Dr. D. Subbarao, Governor, Reserve Bank of India, has successfully created the robust image of an independent central banker who stands by his convictions. He has consistently resisted pressure from the corporate sector to reduce lending rates. More importantly, he defied the finance minister's public exhortations to ease monetary policy. The independence of the central bank is very crucial for healthy macroeconomic policy formulation. One wishes that future Governors of RBI would emulate Dr. Subbarao...............

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