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Centre has invoked never-before-used powers under the RBI Act allowing it to issue directions to RBI governor on matters of public interest. Photo: PTI
Centre has invoked never-before-used powers under the RBI Act allowing it to issue directions to RBI governor on matters of public interest. Photo: PTI

Government invokes powers to direct RBI governor: Report

Separate letters have been sent to RBI governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies

Bengaluru: The Indian government has invoked never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, The Economic Times reported on Wednesday.

Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said.

The RBI was not immediately available for comment. The finance ministry could not be immediately reached for comment.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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