.............RBI is accountable to the Finance Ministry and not the
Parliament but at the same time, RBI Governors have been strong enough,
independent enough to never allow the Finance Ministry to dictate what should
go into its monetary policies. Rajan’s predecessor, Subbarao was extremely
independent, even to the extent where he and Chidambaram could not see
eye-to-eye as he refused to toe the line set by the Finance Ministry. Rajan is
also unlikely to dance to the tunes of the new Govt and his steadfast focus on
keeping a tight leash on inflation will continue..............
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