The government has amended its laws to have a bigger say in the decision making of the Reserve Bank of India (RBI) by having two members on the central bank’s board as compared to one now. At a time when the entire country was busy tracking the Lok Pal Bill debate in December, the Lok Sabha and Rajya Sabha passed the Factoring Regulation Bill, 2011. The law, which aims at addressing problems faced by small and medium enterprises, also amends the RBI Act, 1934, to have two government officials on the board on the central bank. At present, economic affairs secretary R Gopalan is the government nominee on the 17-member RBI board.
Source: Business Standard
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