The RIB Board meets in Mumbai today in the midst of an unprecedented public feud between the government and the central bank, alleged to try from the middle to undermine its autonomy. The liquidity crisis, lending restrictions on state banks and transfer of excess reserves are likely to be discussed in the meeting. Following efforts at a de-escalation, it is unlikely that RBI chief Urjit Patel will resign ̵
1; as speculated by some reports – but sources predict a summary of the meeting’s demand for a special liquidity window for non-bank financing companies. In another likely flash point, the government has proposed a monitoring role for the RBI Board, which has several of its nominees.