RBI Board to meet on 19 November amid reported rift between government and central bank over certain key issues

It is a pre-scheduled and routine meeting of the central board of the RBI

Press Trust of India November 01, 2018 12:12:40 IST
RBI Board to meet on 19 November amid reported rift between government and central bank over certain key issues

New Delhi: The RBI's Central Board, headed by Governor Urjit Patel, is scheduled to meet in Mumbai on 19 November, sources said amid a reported rift between the government and the central bank over certain key issues.

Sources said it is a pre-scheduled and routine meeting of the central Board of the RBI.

RBI Board to meet on 19 November amid reported rift between government and central bank over certain key issues

Representational image. Reuters.

The last meeting of the board was held earlier this month.

This would be the first meeting of the Board after RBI's Deputy Governor Viral Acharya highlighted the issues concerning the independence of the central bank.

There are 18 members on the central Board of directors of the RBI, including those nominated by the government.

There have also been reports that the Finance Ministry has started a discussion with the RBI under the never before used Section 7 of the RBI Act.

In a statement on Wednesday, the Finance Ministry said the RBI's autonomy is "essential" and will be "nurtured".

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