New Delhi, India – A year after the government led by Narendra Modi’s BJP came to power in 2014, the top finance ministry official accused the Reserve Bank of India of setting interest rates to benefit developed countries and sought a probe into its conduct, a trove of official documents reviewed by The Reporters’ Collective and Al Jazeera reveals.
Finance secretary Rajiv Mehrishi, working under the then-finance minister, the late Arun Jaitley, made the claim after the RBI opted to prioritise controlling rising prices over lowering interest rates, which would have made borrowing cheaper for businesses and citizens.
