Government meddling in RBI affairs may hit Indian banking system: S&P

Global rating agency Standard and Poor's (S&P) has said the increasing involvement of the government in affairs of the central bank could undermine the hard-fought improvements in the banking system over the past few years. 

In particular, S&P Global Ratings views as credit negative the circumstances leading to the recent resignation of Urjit Patel as governor of the Reserve Bank of India (RBI). 

"We await any changes to banking system regulation at the next RBI board meeting in January 2019. At this time, we see no material change in the central bank's level of independence, especially with regards to its