Government cites never-used powers for resolving issues with RBI

01 November, 2018, 03:57 | Author: Mary Valdez
  • Illustration Jayachandran  Mint

This is equally true of all other regulators. "Only the final decisions taken are communicated", the statement said.

Section 7 of the RBI Act empowers the government to issue directions to the central bank, after consultation with RBI Governor, on issues that it considers serious and of public interest. "But it is quite worrisome to see the government trying to continuously interfere into the RBI's operations".

However, there was no sign of resignation by Patel at the meeting, officials said. "It shows that the government is hiding facts about the economy and is desperate", he tweeted.

The council also noted the developments about strengthening of cybersecurity in the financial sector along with deliberating on the need for identifying and securing critical information infrastructure in the financial sector. The council also took note of progress made towards setting up of a Computer Emergency Response Team in the Financial Sector (CERT-Fin) under a Statutory Framework. "Both the Government and the Central Bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy", it said, while adding that for the objective, extensive consultations on several issues take place between the Government and the RBI from time to time.

"Other issues discussed include market developments and financial stability implications of the use of RegTech and SupTech by Financial Firms and Regulatory and Supervisory Authorities, and implementing the recommendations of the Sumit Bose Committee Report on measures, such as, promoting appropriate disclosure regime for financial distribution costs", it added.

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For the goal, extensive consultations on several issues take place between the Government and the RBI from time to time.

After the meeting Pension fund regulator PFRDA Chairman Hemant Contractor said there was general discussion on the domestic and global economy.

The RBI and the finance ministry declined to comment.

The last meeting of the board was held earlier this month. In his speech, Acharya had defended the central bank's independence, saying its autonomy would be strengthened by having regulatory control over state-run banks.

It is being speculated that RBI Governor Urjit Patel may choose to resign if a specific direction is issued to the central bank under Section 7.

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