Rbi Act News

The RBI had retained ₹13,190 crore towards risks and reserves during 2016-17Earlier this month, Economic Affairs Secretary had said the government expects ₹28,000 crore as interim dividend

Principal economic adviser Sanjeev Sanyal on supervising more closely the larger, systemically important NBFCs and the need for structurally lowering real interest rates in sync with lower inflation level

Questions seeking his views on deputy governor Viral Acharya's public posturing on RBI autonomy and on the economic capital management framework were also met with similar replies

Section 7 of RBI Act will remain an active option for the government whenever decisive steps to ease the pain of key sections of the economy are to be taken

Under Section 47 of the RBI Act, only surplus profits can be transferred, and transferring reserves will require an amendment to the Act

The past decade's steady sound of the government chipping away at RBI's powers and autonomy has now reached a crescendo

The government and some independent directors on the RBI board are upset with deputy governor Viral Acharya for his public outburst on protecting RBI autonomy

The government will not yield ground on its rights to issue a directive to RBI, even as it claimed that contentious issues between the two should be resolved at the RBI board meeting on 19 November

RBI's central board currently has 18 members, though the provision is that it can go up to 21

The government appears to wish to weaken or erode the functional (if not legal) autonomy of the RBI, by imposing its will across a range of areas