RBI's liquidity management frequently undermines the Monetary Policy Committee's (MPC) interest-rate decisions, exposing a fundamental flaw in India's inflation targeting framework. A dollar deluge and RBI's open market operations have created massive liquidity surpluses, often conflicting with the MPC's stance. This disconnect stems partly from RBI's dual role as monetary authority and government debt manager, incentivizing lower borrowing costs. Past recommendations for an independent public debt agency remain unacted upon. The author argues that consistent inconsistencies necessitate revisiting the MPC's remit to ensure policy coherence and effectiveness.