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Subbarao vs UPA: The governor in his labyrinth

D Subbarao recounts in his book how P Chidambaram and Pranab Mukherjee constantly interfered in monetary policy decisions

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Book Extract

Duvvuri Subbarao  |  New Delhi 

WHO MOVED MY INTEREST RATE? Leading the Reserve Bank Through Five Turbulent Years Author: Duvvuri Subbarao Publisher: Penguin Random House Price: Rs 699 Pages: 323 In mid-October 2008, even as the Reserve Bank was dousing the system with rupee and forex liquidity, Finance Minister (P) Chidambaram had suo moto constituted a committee on liquidity management, with Finance Secretary Arun Ramanathan as the chairman. The Reserve Bank was asked to nominate a representative on the committee.

I was annoyed and upset by this decision. Chidambaram had clearly overstepped ...

First Published: Sat, July 16 2016. 00:30 IST
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