RBI Governor Shaktikanta Das decided to disclose minutes of the meeting of RBI central board directors which improve public awareness about the functioning of RBI and bring accountability to the directors.
Crux of the Matter
The Minutes of Meetings would be placed on the RBI’s website in terms of provisions of Section 4 of the RTI Act.
The step to publish minutes of the meeting may also help the government and the RBI to preempt difficult questions on various issues such as transfer of surplus RBI capital reserves to the government.
RBI central board meetings have been controversial in recent times, especially after the previous RBI governor Urjit Patel resigned due to alleged difference of opinions on policy matters with the government.
RBI routinely publishes the minutes of the Monetary Policy Committee’s bi-monthly meetings on monetary and credit policy. However, now RBI will release the minutes of the meetings of the central board, which has members representing the government as well.
The central bank on January 19 released minutes of the meeting held between RBI central board members held in Chandigarh.
The Board discussed the role of Payment Banks and Small Finance Banks in enhancing financial inclusion, annual activity reports of Local Boards, the various sub-committees of the Board.
Curiopedia
The Reserve Bank of India (RBI) is India’s central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of entire Banking in India. RBI plays an important part in the Development Strategy of the Government of India. RBI regulates commercial banks and non-banking finance companies working in India. It serves as the leader of the banking system and the money market. The RBI carries out India’s monetary policy and exercises supervision and control over banks and non-banking finance companies in India. More Info
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