Section 7 of RBI Act

  • June 20, 2020
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Subject: Economy

Context:

The RBI and the government differed on a number of policy-related matters including surplus transfer to the exchequer while Mr.Urjit Patel was RBI governor

Concept: According to Section 7(1) of the RBI Act, 1934, the Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.

economy Section 7 of RBI Act