........Raghuram Rajan, the finance ministry's chief economic advisor, who many expect to replace Subbarrao when his term ends in September, told Reuters last week he favoured clipping the power vested in the post of governor and supported a committee approach. When it comes to making policy decisions, Subbarao in practice does take the views of staff and an advisory committee on board. But he often goes against the panel's advice, minutes of central bank meetings have shown. Under the draft bill, which would replace 15 different financial sector laws, the seven member monetary policy committee would be headed by the governor and include two members appointed by the government in consultation with the bank along with three outright government appointees............
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