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    RBI releases minutes of board meeting for first time

    Synopsis

    The channels of communication with outside stakeholders have opened up ever since Das took over as RBI guv.

    ET Bureau

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    Kolkata: The Reserve Bank of India has taken a step in improving transparency of its business at the board meetings by releasing the minutes of the meeting, for the first time.

    While the nature of the board is that of advisory in nature, its deliberations have evinced much interest when Urjit Patel was governor during which time the board was divided on its role and functions.

    The minutes disclosed that the 579th central board meeting held in October 11 had deliberated upon, among several other routine things, the issues related to the financial sector and the regulatory & supervisory architecture of commercial and cooperative bank as well as non-bank lenders. Board members including finance secretary Rajiv Kumar were apprised the steps taken to strengthen supervision, which has been put on questions following the failures of IL&FS and PMC Bank.

    The RBI has integrated the supervision functions into a unified Department of Supervision and regulatory functions into a unified Department of Regulation from November 1, 2019.

    Members at board meeting, held in Chandigarh, have also given its approval for making their presentations public.

    Ever since Shaktikanta Das took over the reins at RBI, the channels of communication with outside stakeholders have opened up -- a deviation from the practices during his predecessor Urjit Patel.

    The Chandigarh meeting, whose minutes has come with a lag, has also decided to change the unit in balance sheet and income statement to "amount in rupees crore" instead of "amount in rupees billion". Another central board meeting took place in Bhubaneswar in December.
    ( Originally published on Jan 20, 2020 )
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    9 Comments on this Story

    Dasharath Jadhav404 days ago
    good move.
    G P Shenoy409 days ago
    It takes lot of efforts to restore the credibility of RBI.
    Shalini Sharma409 days ago
    RBII, ARMMY, NAAVY, AAIR - FORCE, JUDICAARY, SESSION COURT, POLLICE AND EVERY CENTRAL AND STATE GOVT. IS DANCING TO THE TUNES OF AANPAD, GAAVAR AND JAHEEL, UN-EDUCATED, ILLETREATE WHO IS DESTROYING THE NATION FINANCIALLY AS DEBTS HAVE INCREASED TO MORE THEN RS. 125 LAKH CRORE FROM RS. 55 LAKH CRORE IN 2014.......ALL BANKS WILL BE DESTROYED......
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