The Modi government has proposed that the RBI board draft regulations that will enable it to set up committees to monitor tasks such as financial stability, monetary policy transmission and foreign exchange management.

Showering praise on Finance Secretary Hasmukh Adhia, who retires on November 30, Finance Minister Arun Jaitley Saturday said he was a no-nonsense civil servant who performed his job with professionalism.

The investment follows comments from finance minister Arun Jaitley last week that Visa and rival Mastercard were losing market share to domestic payments networks.

According to industry sources, Singh is expected to join Flipkart in December, and will work closely with Flipkart CEO Kalyan Krishnamurthy.

In an election rally in Chhattisgarh on Friday, Modi had asked the Congress to make a Congressman, from outside the Nehru-Gandhi family, president of the party for five years.