The RBI Board deliberated on its governance framework and decided the matter required further examination, RBI Chief General Manager Jose J Kattoor said, reported ANI.
This was the first RBI Board meeting since the appointment of Shaktikanta Das as Governor. The government has been pushing to have a bigger say in the central bank’s regulatory decisions.
In its meeting on Friday, the board reviewed current the economic situation, global and domestic challenges, matters relating to liquidity, among others, Kattoor said.
The Board placed on record its appreciation of services rendered by former Governor Urjit Patel, he added.
In the past, the board has acted as little more than an advisory body, but under the 1934 law that established the central bank it has the ability to possess real teeth and force policy change.
(With inputs from Reuters)