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Board to hold further discussions on RBI governance framework

MUMBAI: The board of directors of the Reserve Bank of India under new Governor Shaktikanta Das on Friday discussed the governance framework of the central bank and resolved to look deeper into the issue.

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Shiv Kumar
Tribune News Service
Mumbai, December 14

The board of directors of the Reserve Bank of India under new Governor Shaktikanta Das on Friday discussed the governance framework of the central bank and resolved to look deeper into the issue.

“The board deliberated on the governance framework of the RBI and it was decided that the matter needs further examination,” a statement issued by the RBI said.

According to the RBI, the meeting lasted for four hours and reviewed the current economic situation, both global and domestic challenges, matters relating to liquidity and credit delivery, and issues relating to currency management and financial literacy.

The draft report on Trend and Progress of Banking in India (2017-18) was also discussed at the meet, the RBI said.

This is the first board meeting following the sudden resignation of former governor Urjit Patel on Monday.

At the last board meeting held on November 19, the board decided to constitute a committee of experts to study on the amount of contingency reserves that needed to be held by the central bank. The committee was to have members from both the RBI and the government. The committee is yet to be established, according to officials here.

At present the RBI’s board has 18 directors, including four Deputy Governors, four Directors from the RBI’s local boards, two government nominees and those appointed by the government.

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