............While some of the recommendations of the panel have already been implemented, the government’s comfort is required for pushing through some of the other key suggestions, such as setting up a five-member monetary policy committee (MPC) with a majority of the members representing RBI. The finance ministry under P Chidambaram had raised its reservations on the issue and made a detailed presentation to the Prime Minister’s Office (PMO). Since no conclusion was reached during the previous government’s tenure, sources indicated Rajan would engage with the new government on this issue...........
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