The Reserve Bank of India (RBI) and the government discussed the Basel regulatory capital framework and restructuring scheme for stressed micro, small and medium enterprises in its marathon 9-hour meeting on Monday.

CNBC-TV18 spoke to Rajiv Kumar, vice chairman of NITI Aayog, to get his views on the RBI policy outcome.

“I am glad that better sense has prevailed on all sides and I hope this is a precursor to the macro-economic management team in the country working together. Yesterday’s meeting - long marathon as it was - I think in some sense a milestone because it is clear now that the two sides have agreed to approach the issues facing the economy together in a convergent manner and I hope therefore better results will be achieved going forward,” Kumar said on Tuesday.

Talking about the autonomy of the central bank, Kumar said, “I was a member of the RBI board, which considered the economic capital framework and even at that time it was clear within the board that the new economic capital framework should be decided, brought upon after the discussion with all people concerned. The autonomy of the RBI is for it to seek advise from wherever possible to get into discussions, to get all the opinions that it can and then make up its own mind and to that extent, after this committee has met and submitted its report, it will ultimately be the RBI board, which will decide on what is the adequate level of capital reserves and nobody else. So to that extent, the autonomy of the RBI is completely enshrined, it is still preserved."

With regards to the adequacy of capital reserves of RBI, he said, “It will be quite a premature for me to make a comment on this at this moment given that there is a committee now which is going to look into all these issues. However, the only thing that I could say is that there are some well-established international norms for the adequacy of capital reserves of central bank and I think that should be one of the principal guiding factors before this committee, which is going into the issue."

“The committee itself represents the much-needed attempt to reach a common ground and to reach a balance and neither side digging their heels into it. So when you set up a committee, you set up a committee to find the middle-ground and to find the balance between two opposite views and I think it should not take very long as far as I can make out. They are not going to do any primary research. I would expect it within this fiscal year,” he added.

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