The centre has suggested Bimal Jalan, former Reserve Bank of India governor, to head the panel which will review the economic capital framework (ECF) of the central bank, while the apex bank has proposed Rakesh Mohan, former deputy governor for the role, Business Standard reported, citing sources.

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"Both (Jalan and Mohan) have already expressed their views on the recent issues. The discussions are going on," sources told the paper.

Mohan has been of the view that the central bank should maintain its autonomy while Jalan said the RBI should be answerable to the government, the report said.

The panel which will review the economic capital framework of the central bank is likely to have a deputy governor of the RBI and a government representative as panel members, the sources said.

The board of Reserve Bank of India (RBI) decided to constitute an expert committee to examine the Economic Capital Framework (ECF), the membership and terms of reference of which will be jointly determined by the government of India and the central bank.

First Published:Nov 28, 2018 9:34 AM IST