The new rates linked the external benchmark rate of the repo rate, will be effective May 1; but the move will not benefit all its depositors as the new rate is applicable only to those with a balance of over Rs 1 lakh in their accounts.

The meeting, attended by heads of Punjab National Bank, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, focused only on effective transmission of monetary policy.

Urjit Patel became first since post economic liberalisation in 1991 to resign as the RBI governor. In independent India, the first governor to resign was Benegal Rama Rau in 1955 during the tenure of the Jawaharlal Nehru government.

Days after Reserve Bank of India governor Urjit Patel's resignation, finance minister Arun Jaitely said a regulator cannot be \"isolationist\" and has to consult all stakeholders

A closer look at the history of this top job at the central bank reveals Sir Benegal Rama Rau, a member of the Indian Civil Service, was the longest serving Governor of the Bank.

Critics have already started saying that Shaktikanta Das is Modi's and Jaitley's man, and therefore will do exactly what they tell him to do.

The last two meetings - on October 23 and November 19 - are indicators that the RBI board from now on will play a more active role in the workings of India's central bank.

After partial formalisation of the economy through sudden demonetisation of high value currency notes and the implementation of Goods and Services Tax, there are efforts to formalise the 83-year old Reserve Bank of India too.

The mounting differences between the RBI and the Centre, and the public war of words has government officials worried about the country's image taking a hit as well as spillover consequences for the markets.

The real blame game began with the $2 billion PNB-Nirav Modi scam when the RBI was blamed for being a sleepy regulator while the fugitive perpetrated the fraud for 7 long years under its nose.