FM drops plan to clip RBI power |
India`s Finance Minister Arun Jaitely may not take away some important powers of the Reserve Bank of India (RBI). The RBI had opposed the government plan. In Parliament, Jaitley announced his intent to drop amendments to the RBI Act that would have taken away the central bank`s role in handling government borrowings by setting up a new Public Management Office. The plan to transfer some of RBI`s powers to the Securities and Exchange Board of India has also been dropped for the time being.
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