RBI board discusses economic situation, policy issues

HYDERABAD: RBI's Central Board of Directors today discussed challenges facing the domestic as well as the global economic situation at a review meeting here of the central bank.

Reserve Bank Governor Raghuram Rajan chaired the meeting which also reviewed areas relating to payment and settlements system, banking supervision, regulation, activities of the Financial Markets Department and the Deposit Insurance and Credit Guarantee Corporation.

"The Board reviewed the functioning of the Reserve Bank as well as the current economic situation and global and domestic challenges and policy responses," said an RBI release.

RBI's affairs are governed by the Central Board of Directors. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.

The meeting was attended by directors - Anil Kakodkar, Kiran Karnik, Nachiket Mor, Y H Malegam, G M Rao, Indira Rajaraman and Damodar Acharya.

Deputy governors Harun R Khan, R Gandhi and S S Mundra were also present in the meeting.

Rajan had yesterday inaugurated an exhibition of products by artisans of Telangana and Andhra Pradesh to showcase the positive impact of loans from banks on the lives of artisans in these states.

Loans provided by banks have rescued, rehabilitated, provided funds required for expansion of business and sustained the livelihood of many artisans in both the states, said the release.

Rajan also visited the Indian School of Business and interacted with the students there, it said.