Currently, except for the RBI there are appellate tribunals in the financial system for other bodies. The decisions of the appellate authority can then be challenged in the Supreme Court.

In FY16, the FDI inflow was $55.56 billion. The next year the FDI growth slowed to 8.38 per cent, clocking in $60.22 billion. In FY18, the total FDI inflow was $60.97 billion with the growth dropping further to 1.24 per cent.

The new governor said that the autonomy of the central bank would be preserved, along with constructive dialogue.

In an written answer to Rajya Sabha, MoS Shiv Pratap Shukla said that 13,949 bank officials from 60 public and private banks were penalised for fraud from 2015 to 2017.

The move follows a promise made by Congress president Rahul Gandhi during the poll campaign in MP.