It is not new ---- the RBI-government tussle is not only on policy rates; in matters related to PSU banks, the state has been treading on RBI’s toes for years. But there are important differences between earlier and now. During the Chidambaram-YV Reddy period, the RBI had to fight bigger fires, like reining in the runaway growth of some private banks, and hence did not raise too much stink over this issue.......
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