The government is yet to invoke Section 7 of the Reserve Bank of India, sources told CNBC-TV18.
The consultation process has been initiated because under the RBI Act to invoke Section 7, the government has to engage with the RBI and the RBI governor specifically.
Section 7 of the RBI Act gives the center broad powers to give directions to the RBI in public interest.
>> Here's an explainer on what the Section 7 of the RBI Act statesHave you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.