Update at 19:29 PM: RBI board meeting ends
Update at 15:21 PM: Meeting takes a break for lunch
Update at 11:15 AM: Agenda Of Crucial RBI Board Meeting Accessed: Here's What's Up For Discussion
Update at 10:47 AM: Congress president Rahul Gandhi politicises the meeting:
Update at 10:36 AM: Sun Pharma MD Dilip Shanghvi and Tata Sons Chairman N Chandrasekaran who are independent board-members are also attending
Update at 10:11 AM: RBI's board meeting begins
The board members of the Reserve Bank of India arrived at the central bank's south Mumbai headquarters on Monday morning, ahead of the highly-anticipated meeting where points of difference between the RBI and the government are expected to be taken up.
Most members of the 18-strong board are expected to be present, including RBI Governor Urjit Patel, Deputy Governor Viral Acharya whose speech on the central bank's independence brought the apparent discord to the fore, and three other Deputy Governors, as well as the government-appointed board members, namely the Financial service and Economic Affairs secretaries, and RSS ideologue S Gurumurthy.
The purported impasse pertains to a number of issues, including NPAs, the RBI's reserves, provision of credit to MSMEs, the liquidity situation of India's NBFCs and others, and has also been given a political overtone on account of the Opposition citing the initiation of consultations under a never-before-used Section of the RBI to allege government interference of institutions.