This article has been updated in the wake of Urjit Patel's resignation as RBI Governor.
This blog will keep you posted on the latest developments around the ongoing rift between the government and the Reserve Bank of India (RBI)
Leading indicators point to a growth slowdown.
The development shows that relations between the central bank and the Executive at the moment are about the coldest they have ever been
Multiple media reports say the government has decided to invoke Section 7 of the RBI Act. The Section, when invoked, clamps down on the autonomy of the central bank.
Chidambaram questioned the government's move to invoke the provision now, claiming that the government is hiding facts about the economy
This section has never been used in India until now, not even during the 1991 Indian economic crisis.