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For its part, government officials say they have been increasingly frustrated by the intransigence of Patel and his team to address its demands and engage in constructive dialogue. The RBI has consistently pushed back against calls from the government to hand over more money from its reserves to help fund the fiscal deficit. The ruling Hindu nationalist Bharatiya Janata Party is also keen to reduce curbs on the shadow banking sector and increase overall lending to small and medium-sized businesses. The aim is to help offset economic headwinds from low farm prices and high fuel prices ahead of a general election due by next May and key state elections in a few weeks.

“We will do everything to protect the interests of the economy,” one of the members of the RBI central board told gold plated eagle cufflinks Reuters, noting the governor and his team would have to “explain, defend and justify” their decisions at the board meeting, It is unclear, though, how the government will seek to exert pressure through the RBI’s Central Board as the body is a largely symbolic one, which has never had a direct say in the bank’s directives and policies, according to two additional sources with knowledge of the law under which the central bank operates..

“The role of the board has typically been to supervise the workings of the RBI, like internal audit and recruitment. But the RBI is not really accountable to the board for regulatory and operational issues,” said one of the sources, saying this would only change if the government invokes Section 7 of the RBI Act allowing it to dictate policy to the central bank. “We don’t know whether the board will supersede the RBI in that case,” said the source. “This kind of situation has never arisen before.”.

Still, the government sources say they will find ways to increase pressure on the RBI and Patel via the board before moving to invoke Section 7, “Patel and his team must recognize the period of an invisible gold plated eagle cufflinks RBI board is over,” one of the New Delhi-based sources said, noting that the RBI will sooner or later have to fall in line, Patel’s predecessor Raghuram Rajan defended the RBI’s call for autonomy saying that the central bank’s responsibility is to secure financial stability and it has the right to say “no” to government proposals that could lead to instability..

“The RBI is something like a seatbelt,” Rajan, who is a professor at the University of Chicago Booth School of Business, told CNBC-TV18. “As a driver, being the government, it has the possibility of not putting on the seatbelt, but of course, if you don’t put on the seatbelt, you can get into an accident which can be quite severe.”. N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi-based think tank, partly funded by the finance ministry, said the RBI and the government were dealing with the same problem though there was a difference of opinion on how to solve it.

SEOUL/SINGAPORE (Reuters) - Hyundai Motor Co has raised its stakes in growing Southeast Asian markets with a $250 million investment in Singapore’s Grab, its second in the ride-hailing firm, as it chases rivals in the race for new-age transportation, The investment is Hyundai’s biggest-ever in an auto-tech firm, yet is smaller than gold plated eagle cufflinks those made by others including Toyota Motor Corp, Nevertheless, it underscores a shift in strategy at a South Korean conglomerate that has typically shunned partnerships in favor of developing its own technologies..

Hyundai and affiliate Kia Motors Corp will launch pilot electric vehicle (EV) projects in Southeast Asia next year, starting with Singapore, where 200 EVs will be leased to Grab drivers, Hyundai said in a statement. It said the project will later be expanded to countries including Malaysia and Vietnam, where markets for traditionally powered cars are dominated by Japanese rivals. The move comes as Hyundai battles sluggish sales in its two biggest markets, China and the United States, while its stock price has fallen nearly a third this year.

Hyundai has joined the global race to invest in mobility firms as individual car ownership is widely expected to fall due to in part to increasing car-sharing options in big cities, “Not only Hyundai, but all global auto manufacturers have realized that generating revenue solely from selling vehicles is not a sustainable, viable option,” Hyundai’s chief innovation officer, Chi Young-cho, told reporters gold plated eagle cufflinks in Seoul, “It is better to disrupt than being disrupted,” he said..

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