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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 and 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.
Members at board meeting, held in Chandigarh, have also given its approval for making their presentations public.
Ever since Shaktikanta Das took over the reins at RBI, the channels of communication with outside stakeholders have opened up — a deviation from the practices during his predecessor Urjit Patel.
The Chandigarh meeting, whose minutes has come with a lag, has also decided to change the unit in balance sheet and income statement to “amount in rupees crore” instead of “amount in rupees billion”. Another central board meeting took place in Bhubaneswar in December.
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