A day before the Reserve Bank of India’s mid-quarter review, central bank Governor Raghuram Rajan drew kudos from Moody’s Analytics for his monetary stance. The research arm of New York-headquartered Moody’s was critical of RBI’s monetary policies in the past three years, though it did not directly take the name of previous Governor D Subbarao. “Indian monetary policy over the past three years has been at best ineffective and at worst counterproductive, but this is changing under the new central bank head,” said Moody’s.......
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