RBI vs Centre: IMF says monitoring situation

"We're monitoring the development on that issue and will continue to do so," IMF said. There were reports of mounting tension between the govt and the RBI over the autonomy of monetary policymakers after finance minister Jaitley criticised RBI for failing to check indiscriminate lending during 2008 and 2014 that has led to the present bad-loan crisis in the banking industry.

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