No proposal to revamp RBI: Govt

NEW DELHI: The government on Wednesday said there was no proposal to revamp the Reserve Bank nor did it contemplate any amendment to the RBI Act.
An official release said that the government had considered setting up an expert committee to look into multifarious functions being discharged by the RBI to suggest a suitable model for the future.
But "the proposal was not accepted and was not pursued any further," it said.
Also, this proposal was mooted in the context of revision of the RBI Act which was under consideration of the Government at that time and not in the context of the failure of Madhavpura or Charminar Banks as stated in a section of the media, the release said.