The RBI’s highly-publicised board meeting passed without much incident this week, but this has by no means eased the tensions between the central bank and government, nor concerns over the RBI’s independence. The first test of the ceasefire is likely to be in negotiations over the composition of the panel that will review the RBI’s capital requirements. Meanwhile, the government is likely to pass on most of the benefit of lower oil prices to consumers, and protests in Maharashtra this week could be followed by others ahead of next year’s general election.
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