.....Subba Rao’s stand on interest rates has brought to focus the larger question of giving RBI greater autonomy. The old boys’ club that includes C Rangarajan, a former RBI governor, has endorsed the line taken by Subba Rao. The latest instance of Subba Rao taking a stand different from the minister’s reinforces the RBI chief’s image as a no-nonsense man which he acquired earlier during stints in the prime minister’s economic advisory council, as a middle-order bureaucrat in the economic affairs department and as finance secretary in his home state, Andhra Pradesh, where he is credited with pulling out the state government from an acute debt crisis.......
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