Finance Minister meets the Directors of the RBI Central Board
August, 11th 2014
Shri Arun Jaitley, Hon’ble Union Minister of Finance addressed the Central Board of the Reserve Bank of India at its office in New Delhi today. He indicated that the policy regime is being geared towards attaining higher growth, lower inflation and sustainable external balance in the backdrop of macro-economic challenges faced in the last two years of sub-five per cent growth and high inflation. Finance Minister mentioned that tax incentives have been expanded to promote household savings. In addition, measures are being taken to accelerate credit flow to infrastructure, encourage investments and promote agricultural growth. The Finance Ministry also discussed about the Governments’ Financial Inclusion Programme. During the interactions, Governor and the Directors in the Board of the Reserve Bank of India shared their perspectives on the Union Budget and the socio-economic challenges facing the country with the Finance Minister.
The Union Finance Minister was addressing the customary meeting of the Central Board of the Reserve Bank of India after the presentation of the Union Budget 2014-15. Dr. Raghuram Rajan, Governor, Reserve Bank of India chaired the meeting. Besides Deputy Governors Shri Harun R. Khan, Dr. Urjit R. Patel, Shri R. Gandhi and Shri S.S. Mundra of the Reserve Bank, the other directors of the Central Board of the Reserve Bank present at the meeting included Dr. Anil Kakodkar, Shri Kiran S. Karnik, Dr. Nachiket M. Mor, Shri Y.H. Malegam, Prof. Dipankar Gupta, Shri G. M. Rao, Ms. Ela R. Bhatt, Dr. Indira Rajaraman and Prof. Damodar Acharya. The meeting was also attended by Government nominee directors on the Central Board, Shri Arvind Mayaram, Secretary (Economic Affairs) and Shri Gurdial Singh Sandhu, Secretary (Financial Services). Shri Shaktikanta Das, Secretary (Revenue) attended the meeting as a special invitee.
Besides approving the annual accounts of the Reserve Bank of India and the transfer of surplus to the Central Government, the Board reviewed the current economic situation, global and domestic challenges and policy responses. The Central Board meets at least once every quarter.