AdvertisingWhile Governor Das wanted a 25 basis points reduction, Acharya, who heads the Monetary Policy Department of the RBI, opted for status quo. The rate cut was decided in a 4:2 majority decision by the RBI’s MPC, which finalises the policy rates and the inflation targets. “While the MPC was unanimous in voting for the shift in monetary policy stance, there was divergence in the voting pattern. AdvertisingThe market can discipline the government not to erode central bank independence, and it can also make the government pay for its transgressions, he had said. Patel quit on December 10 and Das was appointed the new RBI Governor on December 12.

Source: Indian Express February 07, 2019 22:28 UTC