The Reserve Bank of India board met for more than nine hours in Mumbai on Monday, November 19,in the middle of an deadlock between the government and the RBI.
According to some sources, the meeting, which brought RBI Governor Urjit Patel face-to-face with several nominees of the government, ended on a conciliatory note with the central bank agreeing to set up a panel on sharing surplus reserves and restructure loans of small businesses up to Rs. 25 crore.
RBI in the board meet also decided to improve liquidity. The RBI is also likely to ease curbs on some state run banks’ reserve ratio.The RBI announced that it would inject Rs. 8,000 worth of liquidity into the system through open market operations on November 22.
RBI board will meet next on December 14.
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