Is the RBI doomed to fail its ‘quest for financial stability’?

Covid-19 has set back progress on hard-won reforms

Two years ago, the Reserve Bank of India (RBI) was in crisis. On December 11, 2018, governor Urjit Patel resigned, unable to reconcile his differences with the government over a series of financial-sector reforms. Relations had deteriorated to the point that the government was threatening to directly intervene in the running of the central bank.

Since then, tensions have undoubtedly simmered down under the governorship of Shaktikanta Das, a career civil servant. And despite Patel and his

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