.......One way to look at these recommendations — apart from the one on entrusting public debt management and bond auctions, now handled by the RBI, to a separate agency — is that they undermine the idea of an independent central bank. In the context of the recent not-so-veiled differences between the Finance Ministry (which constituted the FSLRC) and the RBI over the issue of rate cuts, it is even quite natural to voice such suspicions. But that amounts to a very mechanical reading and naïve understanding of central bank autonomy.......
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