The Central Board of the Reserve Bank of India met today at Kolkata. Dr. Raghuram G. Rajan, Governor, Reserve Bank of India chaired the meeting. Dr. Anil Kakodkar, Shri Kiran S. Karnik, Prof. M.V.Rajeev Gowda, Dr. Nachiket M. Mor, Shri Y. H. Malegam, Prof. Dipankar Gupta, Shri G.M.Rao, Ms. Ela R. Bhatt, Dr. Indira Rajaraman, Shri Y.C. Deveshwar, Prof. Damodar Acharya, Directors, attended the meeting. Dr. K.C. Chakrabarty, Shri Anand Sinha and Shri Harun R. Khan, Deputy Governors, were present.
The Board reviewed the current economic situation, global and domestic challenges and policy responses.
The Central Board meets at least once every quarter. Apart from holding meetings in Mumbai, Chennai, Kolkata and one in New Delhi after the Union Budget which is addressed by the Finance Minister, the rest of the meetings are held in other state capitals by rotation. The main function of the Central Board of Directors of the Reserve Bank is to provide overall direction to the Reserve Bank’s affairs.
Earlier, on December 11, 2013, Governor Dr. Raghuram Rajan spoke at the valedictory session of National Conference on Leadership 2013 organised by the Confederation of Indian Industry (CII) at Kolkata on “Reforms on the Financial Sector”. He said, “To improve the financial system, we plan to build the Reserve Bank’s developmental measures over the next few quarters on five pillars. These are:
Clarifying and strengthening the monetary policy framework;
Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organisational forms;
Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help allocate and absorb the risks entailed in financing India’s growth;
Expanding access to finance for small and medium enterprises, the unorganised sector, the poor, and remote and underserved areas;
Improving the system’s ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery.
In the evening, the Governor and Deputy Governors Shri Anand Sinha and Shri Harun R. Khan addressed the members of the Bankers’ Club of Kolkata. Senior Executives of Kolkata based commercial banks and NABARD were present.