RBI central board reviews global, domestic economy

RBI central board reviews global, domestic economy

Subject :Economy

Section: Monetary policy

Context: Reserve Bank of India’s central board reviewed the global and domestic eco nomic situation and the associated challenges. The 601st meeting of the Central Board of Directors of Reserve Bank of India (RBI) was held at Hyderabad under the chairmanship of Governor Shaktikanta Das

Concept:

• The board, the apex body in the RBI’s organisational structure, is primarily responsible for the oversight of the central bank. The board is appointed by the government under the provisions of the Reserve Bank of India Act, 1934.
• The RBI central board’s mandate is, among other things, “to regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”