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RBI's central board meets to discuss economic situation, global, domestic challenges

The central board of Reserve Bank of India (RBI) met on Friday to discuss the current economic scenario, continued global and domestic challenges and various areas of operations of the central bank

twitter-logoBusinessToday.In | October 23, 2020 | Updated 16:53 IST
RBI's central board meets to discuss economic situation, global, domestic challenges
Reserve Bank of India

The central board of Reserve Bank of India (RBI) met on Friday to discuss the current economic scenario, continued global and domestic challenges and various areas of operations of the central bank. The meeting was held under the chairmanship of RBI governor Shaktikanta Das. It was the 585th meeting of the central board.

The board also discussed the working of sub-committees of the central board and the local boards and deliberated on the aspects related to financial stability in the present milieu.

Deputy governors B P Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra and M Rajeshwar Rao and all the Directors of the central board viz N Chandrasekaran, Ashok Gulati, Manish Sabharwal, Prasanna Kumar Mohanty, Dilip S Shanghvi, Satish K Marathe, S Gurumurthy, Revathy Iyer and Sachin Chaturvedi attended the meeting.

Tarun Bajaj, Secretary, Department of Economic Affairs and Debasish Panda, Secretary, Department of Financial Services also attended the meeting.

Meanwhile, Das on Wednesday said that the country is at the doorstep of the revival process, but the government will have to spell out a roadmap that it should adopt to get back to fiscal prudence post COVID.

"I think post COVID, once there is containment of pandemic, the government will certainly have to spell out a fiscal roadmap that India should adopt," Das said during a panel discussion.

The RBI governor said that economic revival on the back of accommodative monetary and fiscal policies is being pursued by the central bank and the government.

"We are almost at the doorstep of revival process and it's very important that the financial entities have adequate capital (to support growth)," he added.

Also read: RBI conducts first-ever OMO purchase of state govt securities worth Rs 10,000 crore

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