This followed three letters to the RBI from the finance ministry threatening to invoke Section 7 of the RBI Act that would allow the government to dictate policy to the central bank
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For RevFin, this acquisition is a step forward towards helping people fulfills their dreams and aspirations by providing them access to credit
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"The autonomy of the central bank is an essential and accepted governance requirement," Finance Ministry said in a statement
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Chidambaram said that the governments he was a part of in the past had never used Section 7 of the RBI Act of 1934, under which a direct order can be issued by the government to the central bank to carry out its wishes in "public interest"
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Earlier in the day, media reports suggested that RBI Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, sparking a sell-off in the rupee and government bonds
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Finance Ministry and RBI are said to have differed on the central bank's handling of weak public sector banks, tight liquidity in the market and ways of resolving bad loans in the power sector
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Standard Chartered posted a profit before tax of $1.1 billion in the three months ended Sept. 30, above the $814 million profit in the same period a year ago and higher than the $978 million average of analysts' forecasts
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The government has invoked never-before-used powers under the RBI Act that allow it to issue directions to the central bank governor on matters of public interest
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