Section 7 of RBI Act says that the central government may from time to time give such directions to the bank as it may, after consultation with the governor of the bank, consider necessary in the public interest. Govt might invoke section 7 in three areas namely, power sector loans, prompt corrective action and special dispensation for MSMEs.
read the full story about Will Centre invoke Sec 7 for the 1st time if RBI logjam persists?
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