The Economist has a good review of RBI’s achievements and failures over time. The policy environment that the central bank of India faces is quiet different than the ones in developed countries face and the article does a good job of appreciating the constraints these differences impose on the effective functioning of a central bank. This is notwithstanding the fact that the current crisis brings the traditional mandate of central banks like the Fed into question.
PS: Don’t forget to read the comments. They are quite entertaining!