"The Board was also informed about the formation of the Strategy Sub-Committee of the Central Board of Directors," the RBI said. The Board reviewed the current economic situation, global and domestic challenges and various areas of operation of the Reserve Bank. The RBI Central Board met amidst weak growth estimates by global agencies and the RBI itself and also the recent fraud at the PMC Bank trigerring questions if the current laws on cooperative banks are enough to check frauds and protect common man's money in them. On Thursday, HDFC Chairman Deepak Parekh, without taking PMC Bank's name, said it is "brutally unfair" that they have regular loan waivers and corporate loan write-offs but no financial system to protect the common man's savings. The PMC Bank was put under "directions" by the RBI last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at ₹25,000.

Source: Mint October 11, 2019 13:30 UTC