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Raghuram Rajan meets Union finance minister Arun Jaitley

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Published on 30 Jun 2016 11:24 AM GMT

Raghuram Rajan meets Union finance minister Arun Jaitley
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New Delhi: Unmindful of the fresh attack by Bhartiya Janata Party Member of Parliament ,Subramanian Swamy, the Reserve Bank of India governor Raghuram Rajan, met Union finance minister, Arun Jaitley on Thursday and discussed the proposal of creating a new mechanism for deciding interest rates .

Making a departure from the past, a 6-member panel is being set -up to decide on the issue. Of the total, three members will be from the central bank and the rest selected by the government . The issue used to be settled by the governor himself in the past.

In case of a tie on any proposal, the governor can cast the deciding vote.

The panel known as Monetary Policy Committee may influence the next policy decision to be announced in August.

Rajan did not attach undue importance to the meeting. It is a routine matter. Governor and government keep on meeting, he told media persons.

Swamy, who had kept quiet for a day following Prime Minister Narendra Modi's opposition to his attack on Rajan, has come back to his original self. Rajan is not an economist, he said ,in a tweet on Wednesday.

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