The RBI always has had its disagreements with the government, mostly in private and rarely in public, when it comes to its autonomy in setting the monetary policy, regulating banks, managing the rupee value in foreign exchange market, and even debt management function.

A search committee appointed by the finance ministry is expected to finalise the list of suitable candidates soon and appointment is likely in one to two months.

Join Business Today's Senior Associate Editor Anilesh S Mahajan as he talks about literary works from three former RBI governors: Raghuram Rajan's I Do What I Do, Bimal Jalan's India: Priorities for the Future, and Y V Reddy's Advice & Dissent: My Life in Public Service, in the latest edition of Bookmark.

It will be a starry midnight in the historic Central Hall on June 30 that will have from megastar Amitabh Bachchan to industry doyen Ratan Tata in attendance at the launch of India's most sweeping tax reform, GST.

India and Russia today vowed to develop a credit rating industry that is \"independent from political conjecture\" -- a move that follows apprehensions about global agencies being biased towards large economies like the US and China.

The government came under severe criticism from various quarters, while estimating 7 per cent GDP growth for third quarter ended December, discounting affect of demonetisation on the economy.

Earlier, the issue of RBI's autonomy was raised by Nobel laureate Amartya Sen and former governors Y V Reddy and Bimal Jalan.

Refuting allegations of interference by an RBI union, the finance ministry today said the government fully respects independence and autonomy of the Reserve Bank of India.

The letter comes days after concerns about RBIs functioning being raised by at least three former Governors -- Manmohan Singh (former PM), Y V Reddy and Bimal Jalan. Former Deputy Governors, including Usha Thorat and K C Chakrabarty, have also voiced their concerns.

After two former RBI Governors Y V Reddy and Bimal Jalan, Nobel Laureate Amartya Sen on Tuesday raised questions on Reserve Bank's autonomy saying nowadays the central bank does not decide anything and all decisions are taken by Prime Minister Narendra Modi.

RBI governor Y V Reddy regretted yesterday that the institutional identity of Reserve Bank of India has been damaged and stressed that for central bank \"reputational risk is worst risk\".

Interestingly even as the nation is pitching in for India first policy to crackdown on the blackmoney with this bold move, the new notes being printed are not 100 percent made in India.

In his maiden monetary policy review in Mumbai on Tuesday, the 52-year-old Governor, who also coincidentally chaired the first meeting of the new six-member monetary policy committee (MPC), announced the decision to slash the repo rate by 25 basis points to 6.25 per cent.

In an interview, the Infosys co-founder said India should be very fortunate to have the central bank governor serve this country for not just one but two more terms.

When asked whether Raghuram Rajan should be given extension, Indian-American economist at Princeton University Avinash Dixit said, \"Yes, definitely. I think Raghuram Rajan deserves a second term as the RBI Governor... he should have full operational independence in pursuing targets (inflation, employment or growth).\"