Not dissatisfied with RBI functioning: FM

Arun Jaitley

Arun Jaitley   | Photo Credit: Kamal Narang


‘Supervision, regulation have improved’

Finance Minister Arun Jaitley on Friday replied in negative to a question whether the government was not satisfied with the functioning of the Reserve Bank of India (RBI).

In a written reply to the Lok Sabha, the Minister quoted a report of the International Monetary Fund (IMF) which said the supervision and regulation by the RBI was strong and had improved in the recent years.

“No, madam,” Mr. Jaitley said to a question whether the government is not satisfied about the functioning of the RBI. The government and the RBI, under the previous Governor Urjit Patel, were at loggerheads on several issues, including over the appropriate size of reserves which the RBI should hold. There were also differences over lending to the SMEs and norms concerning supervisory action over public sector banks under the Prompt Corrective Action (PCA) of the RBI.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Jan 20, 2020 9:13:55 AM |

Next Story