(ET)
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.
