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RBI board meeting: It was like a classroom at times, says Sachin Chaturvedi

"There were heated discussions," said one of the board members

Independent directors may take decisions if Govt-RBI standoff continues

It was an unusual meeting of the central board of directors of the Reserve Bank of India on Monday. At least two sources involved with the meeting said it went extra long because the differences seemed difficult to reconcile at one stage in the first half of the day. "There were heated discussions," said one of the board members.  The differences came to the fore as soon as the first presentations were made, the source said. The differences revolved around the two topics of how much reserves the RBI should carry and whether the finance ministry had precipitated ...