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RBI Act restricts board's role in substantive issues, says its former board member YH Malegam

Updated : November 19, 2018 02:47 PM IST

The question that now arises is what are the powers of the board, vis-a-vis the governor, deputy governors and the technocrats at RBI.
Y H Malegam says this phrase in Section 7(3) should be interpreted to mean that the business of the bank shall be run by the governor, except in areas where the board has made regulations. 

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