............Reserve Bank of India Governor Raghuram Rajan won't stand in the way of genuine reforms, many of which he has himself recommended in the past. As long as mandarins in the finance ministry can restrain their urge to push the RBI into irrelevance, it should be possible for Mr Rajan to make the RBI bureaucracy see the merit of rules-based monetary policy. A "grand bargain" between the finance ministry and the monetary authority could result if the ministry's plan to overhaul financial regulation does not drastically curtail the RBI's remit. A bigger obstacle might be.........
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