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    RBI discusses cryptocurrencies, reviews economy at board meeting

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    RBI discusses cryptocurrencies, reviews economy at board meeting

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    At its 592nd meeting held today in Lucknow, the RBI's central board of directors reviewed current domestic and global economic situation, evolving challenges and remedial measures, as well as various aspects related to central bank digital currency and private cryptocurrencies.

    Reserve Bank of India (RBI) Governor Shaktikanta Das today chaired the 592nd meeting of the apex bank's central board of directors in Lucknow. At the meeting, the board reviewed the current domestic and global economic situation, evolving challenges and remedial measures, as well as digital currencies and cryptocurrencies according to a press release issued by RBI.

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    The board also discussed various aspects related to the central bank digital currency and and private cryptocurrencies. Sources told CNBC-TV18 that a majority of the board members expressed reservations about private cryptocurrencies and their impact on financial stability. Board member Professor Sachin Chaturvedi, however, was of the opinion that India should not close the door on private cryptos and certainly not impose a ban on them, sources said.
    The board also reviewed the RBI's half-yearly income statement for the period ended September 30, 2021, and discussed various areas of operation of RBI, including the functioning of local boards, activities of select central office departments and the draft 'Report on Trend and Progress of Banking in India, 2020-21', the release said.
     


    The meeting was attended by RBI Deputy Governors Mahesh Kumar Jain, Dr Michael Debabrata Patra, M Rajeshwar Rao, T. Rabi Sankar, and board directors Satish K. Marathe, S. Gurumurthy, Revathy Iyer and Professor Chaturvedi. Debasish Panda, secretary, Department of Financial Services, also attended the meeting.
    At last week's Monetary Policy Committee's meeting, RBI Governor Das  said  the central bank will continue to rebalance liquidity conditions in a non-disruptive manner and added that their aim is to re-establish 14-day Variable Reverse Repo Rate (VRRR) as the main liquidity operation.
    The RBI is to absorb Rs 6.5 lakh crore in VRRR auction on December 17 and absorb Rs 7.5 lakh crore in VRRR auction on December 31.
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