RBI Reviews Domestic, Global Economic Situation In Board Meeting

As per the circular by the central bank, the board in its meeting reviewed the current domestic and global economic situation and challenges. 

The Reserve Bank of India (RBI), on Friday, conducted the 591st meeting of the Central Board of Directors under the Chairmanship of Shaktikanta Das, Governor at Mumbai.

As per the circular by the central bank, the board in its meeting reviewed the current domestic and global economic situation and challenges. 

“The board deliberated on possible measures for addressing the emerging challenges. The board also discussed the working of subcommittees of the central board and activities of a few central office departments including the nationwide survey among bank customers regarding banks’ grievance redress system and the functioning of the ombudsman schemes,” as per the RBI circular. 

Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other Directors of the Central Board viz. N. Chandrasekaran, Satish K. Marathe, S. Gurumurthy and Prof. Sachin Chaturvedi attended the meeting.

Apart from them, Debasish Panda, Secretary, Department of Financial Services and  Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.

Meanwhile, RBI on Friday came up with specific alterations to ease the present account rules for borrowers with bank exposures of less than Rs 5 crore.

In those cases, Indian banks will be able to open a current account or cash credit or overdraft facilities without any restrictions.

“For borrowers, where the exposure of the banking system is less than Rs 5 crore, there is no restriction on the opening of current accounts or on the provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore,” the RBI circular said.