October 31, 2018 / 2:56 AM / 17 days ago

Indian government invokes powers to direct RBI governor - Economic Times

FILE PHOTO: A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India, April 5, 2018. REUTERS/Francis Mascarenhas/File Photo

(Reuters) - The Indian government has invoked never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported on Wednesday.

Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said.

The RBI was not immediately available for comment. The finance ministry could not be immediately reached for comment.

Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier

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