RBI and IMF clash over pace of tightening

Reserve Bank of India in Mumbai
Photo: RBI

The International Monetary Fund (IMF) is urging the Reserve Bank of India (RBI) to "continue raising policy rates in the coming months", despite governor Raghuram Rajan advocating a patient approach.

An IMF staff report released today praised the central bank's progress towards an inflation-targeting regime, but called for a tighter monetary policy stance in the immediate future.

"The ingrained nature of inflation and inflation expectations mean that reducing inflation – even over a protracted

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