In a speech Tuesday, Arun Jaitley, India's finance minister, criticized the central bank for failing to stop banks from lending too much.
"When banks overextended loans in 2008-2014, the central bank closed its eyes," Jetley said in a speech in New Delhi.
The deputy governor of India's central bank said on Friday that a weakening of central bank independence would be "potentially disastrous" and indicated that the central bank was strongly resisting pressure from the government to relax its policies. Since then, tensions between the central bank and the government have intensified.

<>India's finance minister criticized the central bank's failure to prevent excess

 

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