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Govt nixes RBI bid to withdraw from from the boards of public sector banks

Govt decides against removing RBI nominees from PSB boards, cites NPA issue

The government has decided to turn down the Reserve Bank of India’s (RBI’s) demand for removing the regulator’s nominees from the boards of public sector banks (PSBs). 
 

The government felt the presence of the RBI’s nominees on boards should continue at a time when the banks were grappling with bad loans and dealing with various cases of frauds, said a senior official. 

“A communication was sent by the finance ministry to the RBI last month conveying the government’s decision, which had the approval of Finance Minister Piyush Goyal,” said the