Nobroker, already operational in Mumbai, Bengaluru, Pune, Chennai, and Gurugram, is also planning to expand its presence to the top 50 cities in the next few years.

There have been enough pointers since the Budget announcements in February to show that the government's finances are perhaps not in a great shape.

Modi added that GST-registered MSMEs will get 2 per cent interest subvention or rebate on incremental loan of up to Rs 1 crore.

In a clear reference to Acharya's remark, Department of Economic Affairs Secretary Subhash Chandra Garg tweeted that the economic parameters continued to remain strong with no backlash from markets.

Finance ministry officials said the autonomy of the RBI is within the framework of the RBI Act and is not absolute.

The ongoing confrontation between the government and RBI has waded into uncharted territory.