Chennai: The Reserve Bank of India’s (RBI) Central Board met today in Chennai under the Chairmanship of Shaktikanta Das, Governor, Reserve Bank of India. This was the 576th meeting of the Central Board.
The Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank. Among other important matters, the Board discussed the Medium Term Strategy document, covering, inter-alia, the Mission Statement and the Vision Statement.
The Board also reviewed the present structure of supervision in RBI in the context of the growing diversity, complexities and interconnectedness within the Indian financial sector. With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies, the Board decided to create a specialised supervisory and regulatory cadre within the RBI.
Other matters discussed by the Board included, inter-alia, issues related to the Currency Management and Banker to Government functions of the RBI.
Deputy Governors N. S. Vishwanathan, Dr. Viral V. Acharya, B. P. Kanungo and Mahesh Kumar Jain of the Reserve Bank of India, and other Directors of the Central Board of the Reserve Bank – Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Satish Marathe, Swaminathan Gurumurthy, Revathy Iyer and Prof. Sachin Chaturvedi, attended the meeting.
The Government Directors Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs and Rajiv Kumar, Secretary, Department of Financial Services also attended the meeting.
The Board passed a condolence resolution in memory of Shri Y.C. Deveshwar, a former Director of the Central Board. The Central Board Members also took the pledge on the occasion of Anti-Terrorism Day.