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India banking sector reform at stake under new RBI chief

As Modi's party seeks to spur growth, credit policy remains soft target

India's central bank has kept a lid on inflation, but regulation of bank lending has proved a thornier issue.   © Reuters

MUMBAI -- Urjit Patel's resignation as the Reserve Bank of India governor may have been abrupt, but he leaves a well-established process for monetary policymaking. Reforming financial governance and credit standards, on the other hand, remains a work in progress.

After turmoil in the banking sector shook the Indian stock market this year, investors will keep a close eye on how incoming Gov. Shaktikanta Das steers the central bank's financial regulation as New Delhi tries to stimulate the economy.

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