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Monday, November 19, 2018

LIVE: Starting the RBI board meeting, will there be a dispute with the government?

  USHA MISHRA       Monday, November 19, 2018

Questions have been raised over the relationship between the Reserve Bank and the Central Government for a long time. Former finance minister and Congress leader Chidambaram has alleged that the government wants to grab the reserve bank of Rs 9 lakh crore in the possession of the central bank.
Starting the RBI board meeting
The meeting of the bank's board is being held today between the stalemate between the Central Government and the Reserve Bank of India (RBI). It is believed that there can be consensus on the important points between the Finance Ministry and the RBI in this meeting, the meeting has started in Mumbai.
The alleged panic between the government and the Reserve Bank is being seen for a long time, among which the Board of Directors is meeting today. Earlier, the government and the bank have been commenting on it. RBI's deputy governor Viral Acharya has said in his comment that governments, who do not respect the independence of their central bank, will have to face the resentment of the financial markets in a hurry or delay. On the other hand, the RBI governor has met Prime Minister Narendra Modi during this whisper.
According to the news agency, in this meeting the nominated director of the Finance Ministry and some independent directors, Governor Urjit Patel and his team, MSME can borrow from debt to the funds available with Central Bank.
According to the sources, there is also the possibility of approaching any solutions with the mutual consent of the government and the Reserve Bank of India for the setting up of Instant Corrective Measures (PCA) and easing the provisions for lending to the MSME sector. Apart from this, the issue of special window for NBFC can also be a part of this meeting.
18 members in RBI board
There are 18 members in the Reserve Bank's board of directors. However, there is a provision to keep the number of members up to 21.

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