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What is section 7 of the RBI Act?

Wednesday, October 31, 2018, 7:29 PM

In an unprecedented move, the government has reportedly invoked Section 7 of the Reserve Bank of India Act. According to Section 7 of the RBI Act the central government is empowered to issue directions it considers necessary for public interest to the central bank from time to time after consultation with the RBI governor.

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