On 5 August, the RBI Governor did a speech in Hyderabad. I was disappointed in reading this speech; it suggests little learning of monetary economics amongst RBI staff after the 1960s. See this response by Ila Patnaik.
A few recent papers look at these things very differently: John Taylor (June 2010), Takatoshi Ito (July 2010) and Asli Demirgüç-Kunt and Luis Servén (February 2010). We continue to be in a situation where RBI's thinking on monetary policy is quaint and out of touch with world class knowledge of economics.