Indian Finance Minister Arun Jaitley said the government and central bank are having “free and frank” discussions, dismissing speculation of disputes as the Reserve Bank of India undergoes the biggest overhaul in its history.
“There is no question of any disconnect,” Jaitley said after a customary annual appearance before the bank’s board to explain steps proposed in last month’s budget.
Jaitley and Reserve Bank of India Governor Raghuram Rajan are in the midst of changes that will revamp the 80-year-old central bank. After agreeing on a formal inflation target this month, they’re in talks to finalize a structure for a rate-setting committee similar to the Federal Reserve Board or Bank of England, as well as formalize the government’s decision to separate debt and monetary management.
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