Rajan overruled external members’ call for rate cut in September

Governor Raghuram Rajan

When Raghuram Rajan held the Reserve Bank of India's (RBI) key interest rate in September, he ignored calls to ease policy from four of the seven external members who sit on the central bank's ‘technical advisory committee on monetary policy'.

Setting policy at the RBI is – for now, at least – the preserve of the governor, though he discusses the decision on an advisory committee comprising Rajan, his four deputy governors, seven external members and a handful of other top RBI officials.

When th

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