The Central Board of the Reserve Bank of India met today in Chennai. The meeting reviewed key economic, monetary and financial developments.

Dr D. Subbarao, Governor chaired the Board meeting. Shri Anil Kakodkar, Shri Kiran Karnik, Prof. Rajeev Gowda, Shri Y. H. Malegam, Shri Dipankar Gupta, Shri G. M. Rao, Ms. Ela Bhatt and Dr. Indira Rajaraman, as also Government nominee Director on the Central Board Shri; R.Gopalan, Secretary, Department of Economic Affairs attended the meeting. Deputy Governors of the Reserve Bank, Dr. K.C. Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H. R. Khan were also present.

The Central Board of Directors of the Reserve Bank meets at least once every quarter. The Board has scheduled meetings in Mumbai, Chennai and Kolkata each year. The post-budget meeting of the Board, traditionally held in New Delhi, is addressed by the Union Finance Minister. The other meetings of the Board are held in the remaining State capitals by rotation. The main function of the Central Board of the Reserve Bank is to provide overall direction to its affairs.

Earlier, on July 4, 2012, Dr. D. Subbarao made a courtesy call on H.E. K. Rosaiah, Governor of Tamilnadu. The Governor and the Top Management of the Reserve Bank also met State Government officials and bankers. While appreciating the efforts made by the State Government and bankers, the Governor asked the banks to extend financial inclusion to remaining 6000 plus villages, as desired by the Honourable Chief Minister of the State. He also stressed on improving the quality of financial inclusion. The other issues discussed included extending payment of wages under Mahatma Gandhi National Rural Employment Guarantee Act. (NREGA) through banks, at present being done in three districts, to 14 districts by December 31, 2012 and to the remaining districts of the State by March 31, 2013; to complete the process of routing old age pension through bank accounts; and to bring different sources of tax collections under e-payment system. The State Government officials were requested to prepare a credible roadmap for four State owned non-banking finance companies (NBFCs) for complying with prudential norms as per the Reserve Bank’s regulatory guidelines. It was also decided that major banks in the State will commence, on a pilot basis, a persuasion programme to cover farmers availing Agricultural Gold Loans under the crop insurance scheme.

Alpana Killawala
Chief General Manager

Press Release : 2012-2013/23