This did not go down well with the Centre, who said that they were 'upset' that the RBI publicly spoke about the rift. "Even the RBI board is being sought to be stuffed in a particular direction, which would prompt the discerning people to look askance and make it hard for RBI to frame policies", the union said in the letter.
In such a situation, the law adds, the general supervision and "direction of affairs and business of the bank will be entrusted to a central board of directors which may exercise all powers and do all acts and things which may be exercised or done by the bank".
The section has never been invoked before in the history of independent India.
Central banks around the world are facing heat from political leaders.
Section 7 of the RBI Act empowers the government to consult and instruct the central bank governor on matters it considers to be serious or of public interest. "The Government will continue to do so", the Finance Ministry stated.
The counsel representing RBI had said that Section 7 of the RBI Act "embodies and puts in place a forum for resolution of all questions and is in one sense the repository mechanism for dealing with issues which constitute a "conflict zone".
India's highest-circulation English-language paper, the Times of India, wrote in an editorial that curbing the RBI's autonomy or removing RBI Governor Urjit Patel would trigger a mass exodus of investors and 'the government must not contemplate it even in its dreams'.
Can the government issue directions to the RBI on regulatory and policy matters? Arguing against the Centre's proposal, the RBI had said, "The digital payments have made good and steady progress". Second letter was on using RBI's capital reserves and the third letter was on relaxing constraints on PCA banks for loans to SMEs.
The letters are the latest flare-up in a dispute between the central bank and the government.
Former Finance Minister P Chidambaram wrote on Twitter that if the reports were true, "I am afraid there will be more bad news today". The report, which has not received any by official confirmation, said that the government is keen on a bureaucrat as the next governor if Patel resigns.
This temporarily takes away the RBI's independence and autonomy. According to ET Now, Patel had told government not to "raid RBI reserves", as government was keen on the transfer of reserves to fill up its fiscal deficit amid NPA stress.
Tim Paine, who was promoted to team captain after the scandal, said he is not surprised by the report's findings. It implicates that this is what lead the players to use unfair means in order to win the game.
However, the 27-years-old thoughts were with Srivaddhanaprabha, the owner he worked under before his summer move to Manchester. But Mahrez calmed their nerves early on, latching onto Raheem Sterling's cutback to score. 'The Boss was very special to me.
They estimate a 0.1 percentage-point boost to GDP from corporate America, down from 1.2 percentage points in the second quarter. That was the fastest pace since the fourth quarter of 2014 and followed a 3.8% pace of increase in the second quarter.
According to McLaren , the Speedtail has the low coefficient of drag of any road vehicle the company has ever produced. Being a McLaren , there's space for luggage fore and aft, though odd to think of a 250-mph auto hauling suitcases.
In explaining Central Florida's ranking , Mullens said it is the only team in the top 25 without a win against a team over.500. Ranking teams is a time-honored tradition in college football , going back to first Associated Press poll in 1936.
Since Labour Day, the president has addressed 19 rallies and 11 are left on his schedule, thus making 30 rallies after Labour Day. News 10 will let you know if there's a change in President Trump's schedule that includes a visit to MI .
We drew against Leicester away with one player less which can be seen as a good result but the mentality of the players (is that they) want more".
PM to dedicate Statue of Unity to the Nation
Three Indian Air Force planes flew past the Patel figure and created the tricolour in the sky after Modi inaugurated the giant. The PM said that his government would pay "true homage" to the leader by dedicating " Statue of Unity " to the nation.
Adenovirus: 9th Child Dead In North Jersey
The Centers for Disease Control and Prevention is also there helping with lab testing and other expertise. Most adenovirus infections are mild, with symptoms usually lasting about 10 days, according to the CDC .
Apple debuts upgraded MacBook Air with Retina Display
In terms of design, the company says the all-new MacBook occupies 17 percent less volume than the previous generation MacBook Air. Another highlight feature is Touch ID , which is now found on as a key on the keyboard, and powered by the company's T2 chip.
When Will Apple Release iOS 12.1?
Apple doesn't ship user guides with its products, but if you need one, you can download them for free from the Books Store. Dual SIM support has been a standard feature on Android smartphones for years, but Apple has shown resistance towards it.
Hurricane Oscar gains strength but still not threat to land
The Atlantic hurricane season typically peaks in September and October, but major storms do sometimes form in November. A front is still on track to push Oscar early this week and turn it quickly northeast before even reaching Bermuda.
Nishikori upsets top-seed Thiem to reach Erste Bank Open semis
Now in ninth place, Nishikori with a win could move to within 125 points of the cut for the eight-man event in London next month. Nishikori's title drought on the ATP World Tour spans eight losses in finals, more than two years and 48 tournament appearances.
World leaders call for lasting ceasefire for Syria
Idlib has been calm since, though some militant groups have not met an October 15 deadline to evacuate the demilitarized zone. The talks come ahead of the summit on the Syrian peace settlement between leaders of Russia , Turkey, Germany and France .
PeeCee gets ready for bridal shower
Now, the most interesting part of the above post was how Nick got swayed on seeing his fiancée in her bridal shower . In London, he closed down an entire Tiffany&Co. store in order to pick out the flawless ring for his lady love.