T.C.A on role of RBI and real time ‘compulsions’:
“The campaign left the RBI top management fuming. It was unable to figure out why the Bank was being attacked with such single-mindedness and ferocity. Often, concern was privately expressed over whether persons in the Government were instigating these attacks.
The Planning Commission, which has nothing to do with the management of the financial sector, also joined the hunt. The Raghuram Rajan Committee, as it is known, was appointed by it to recommend steps to modernise the financial sector. The RBI was not consulted.”
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