Fencing in the RBI

....... However, the RBI Governor will have veto powers on interest rates under certain circumstances and after making out a case in writing. The bias towards government is even more obvious in the recommendation to appoint the Finance Minister as head of the Financial Stability and Development Council. The RBI has for long resisted encroachment on what it rightly considers to be its jurisdiction. There is no denying that the FSLRC would like to vest greater accountability with the government than with regulators......

Read - The Hindu