With Government invoking the never used section, the central bankers feel that it will leave the very little scope of the bank to work in the way they deem to be fit. But at the same time, there is an unmistakable sense of displeasure and warning from the government when it says that it frequently consults with RBI on important matters but never goes public with these matters.
According to reports, sources said that Letters of Consultation under Section 7 of the RBI Act were invoked 3 times. In contrast, a central bank plays a test match, trying to win each session but, importantly, also survive it so as to have a chance to win the next session, Acharya had said.
According to latest reports, Ministry of Finance released a statement which said, "Both the government and the Central Bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy".
The development comes amidst growing rift between the centre and the central bank after the RBI deputy governor Viral Acharya, in a fiery speech, warned that undermining a central bank's independence could be "potentially catastrophic".
The counsel representing RBI had said that Section 7 of the RBI Act "embodies and puts in place a forum for resolution of all questions and is in one sense the repository mechanism for dealing with issues which constitute a "conflict zone".
Representatives at the Reserve Bank weren't immediately available for comment. Arguing against the Centre's proposal, the RBI had said, "The digital payments have made good and steady progress".
Reports about Urjit Patel stepping down as the RBI governor started floating following Finance Minister Arun Jaitley's scathing criticism of the central bank's "lending spree", reports quoted sources as saying on Wednesday. The government believes that easing restrictions will boost lending and increase growth. "There have been talks with the RBI on these issues, but invoking Section 7 (1) is something that has not come up yet but we need to also ensure that industries are not killed", he added. In response, RBI Governor Urijit Patel had blamed regulatory constraints as the RBI's powers to regulate public sector banks is limited. "The government respects the autonomy and independence of the RBI but they must understand their responsibility", the official added.
Both the staff at the facility as well as state authorities are continuous in the efforts to contain the spread of the virus. The department said it is an active outbreak investigation and lab tests could confirm additional cases.
Since the Jiuquan Satellite Launch Centre is in the Gobi Desert, no threat was posed to people by the rocket's failure. Landscape said: '[The rocket] separation was normal but something abnormal happened after the second stage'.
The Hazelton prison where he died is "one of the federal system's roughest prisons", reports the West Virginia newspaper. Whitey Bulger, the notorious Boston mobster, was killed in a West Virginia prison at the age of 89, confirms NBC News .
In the early match, US Open champion Osaka finished her debut appearance at the WTA Finals with an injury and an 0-3 record. Ultimately I hope that Naomi sees that I only have her best interest at heart and that I only wish her well.
Princess Ayako graduated from Chiba Prefecture's Josai International University, earning a master's degree in 2016. After signing her marriage papers, Princess Ayako became Ayako Moriya under Japan's Imperial Succession Law.
Red Dead Redemption 2 may not be ideal , but its minor shortcomings are like tiny blemishes on a stunningly handsome face. Given the success of GTA Online, Red Dead Online will likely boost revenue from the title even further.
Advanced depth segmentation in Portrait mode enables more sophisticated portraits with professional-level bokeh. When an invitation is received, people can choose to join using audio or video from iPhone, iPad and Mac.
The Spaniard broke Anderson twice in the second but didn't get another chance on the South African's serve in the final set. Anderson's tussle with the Japanese star was his fifth tour-level final of the season and second trophy of the year.
Antetokounmpo took at elbow to the head Saturday night from Orlando's Aaron Gordon in the first half of the game, a 113-91 win. Milwaukee Bucks forward Giannis Antetokounmpo (34) dunks in the third quarter against Minnesota Timberwolves .
President Donald Trump said he was monitoring the events, and urged people in the Squirrel Hill neighbourhood to stay indoors. The University of Pittsburgh Medical Center said it was treating multiple patients at UPMC Presbyterian.
PM Unveils Sardar Patel's 2900-Crore Statue Of Unity
"Remembering the architect of unity", said the headline in the Hindi-language Dainik Jagran newspaper for Modi's essay. Prime Minister Narendra Modi said the " statue of unity " would serve as a major tourist attraction.
OnePlus 6T announced as a tap into the future
The 6GB RAM/128GB storage variant is priced at Rs 37,999, 8/128 variant for Rs 41,999 and the high-end 8/256 for Rs 45,999. The decision was made to squeeze out extra space within the device to accommodate for the FOD module beneath the display.
Patriots Reportedly Eyeing Demaryius Thomas, Golden Tate
The first reason is that it will save them roughly $19 million over the next two years, including about $5 million this season. The defending champion Eagles are another playoff-hopeful team that lack dept at wide receiver and could target Thomas.
Apple to launch new iPads, MacBook, and Mac mini on October 30
Well-known analyst Ming-Chi Kuo suggests that there will be a significant display performance upgrade and a processor refresh. There have been growing rumours that Apple will also launch an updated version of the Apple Pencil, aka the Apple Pencil 2.
Puel concerned for Amartey after horror injury
The Turkey worldwide starts alongside Harry Maguire in defense while Iheanacho starts up front in place of Jamie Vardy . West Ham comes into the match sitting in 14th place in the Premier League table with seven points from nine matches.
USA economy grew at strong 3.5 per cent rate in Q3
But some economists worry that the delayed effects of tariffs and higher interest rates will choke off growth starting next year. The GDP report Friday was the government's first of three reviews of overall economic activity for the July-September period.