New RBI Governor to steer first central board meet on Dec 14

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He was instrumental in pushing GST soon after the Modi government took charge.

Speaking at an event in Mumbai, Jaitley said differences with the RBI included credit flow in the economy and liquidity support, and added the government had initiated a "discussion" to convey its concerns.

The 18-member RBI board will also deliberate on relaxation of prompt corrective action norms.

"I don't think there will be any fireworks", Raghbendra Jha, an economics professor at the Australian National University, said, referring to the Patel-era tussle with the government over the institution's autonomy. Hope and Pray he doesn't make RBI also a History. "Today we are living in a very dynamic world - much more dynamic than it was three-to-five years ago".

While replying to a question about whether the RBI has excess capital, Das' reply was that the committee that is to be constituted on the issue will be the one to decide.

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Quoting two officials, the report further stated that the meeting lasted for approximately 90 minutes in which Shaktikanta Das tried to understand the problems faced by state-owned banks. He also claimed that it is only the banking segment that is facing several challenges now that need to be solved as soon as possible. Das said he will meet Mumbaibased private banks next and then banks having headquarters outside Mumbai.

Relaxation in PCA norms for weak banks was one of the key demands of the government, which felt that these norms are adversely impacting the lending capacity of banks, especially to the politically crucial small and medium enterprises (SMEs). Immediately after taking over, Das made it clear that he will follow the process of consultation and deliberation, at least to begin with.

"Heartening to know that inflation is on target with a benign outlook", Das added. "Maintenance of the growth trajectory of the Indian economy is also important", he said. Patel's resignation came nearly a year before his tenure was slated to end and days before a crucial RBI meeting on December 14.

The comments come days after the past governor Urjit Patel suddenly resigned + in protest following a host of issues with the government, including those on autonomy and its operational integrity, and the appointment of ex-bureaucrat Shaktikanta Das + as the new governor, who has been the pointsman of the Modi government during the controversial note-ban months, within a day of Patel calling it quits.

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