Govt for greater involvement in decision making of RBI
Govt for greater involvement in decision making of RBI The government feels that as the representative of the people, it should be involved in critical policy decisions made by the Reserve Bank of India, sources said. The government wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said ahead of the crucial board meeting of the central bank. The board is scheduled to meet on Monday where the government is expected to push for easing of norms for lending to the MSME sector, relaxing the Prompt Corrective Action framework for weak banks and appropriate size of reserve to be maintained by the central bank, among others. Sources also said the government and Reserve Bank seem to be veering around to reach an agreeable solution, particulary with respect to relaxation of PCA framework and easing of lending norms for the micro, small and medium enterprises.
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