.......While India negotiated that crisis relatively unharmed, the latter part of Subbarao's tenure spawned a stark dilemma as fiscal and monetary measures to tame inflation, while failing to hit the target, cast side effects on growth. He has presided over decisions to repeatedly raise lending rates to cool prices. In the last few weeks, the sharp decline in the rupee has added to the array of problems for the RBI Governor who has, so far, withstood pressure from all quarters to slash lending rates. He has also ushered in key reform measures including savings bank rate deregulation and a plan to issue new bank licences.
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