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In a statement, the finance ministry said such consultations with RBI or Reserve Bank of India took place from time to time "in public interest"."The government has never made public the subject matter of those consultations".

The senior Congress leader said that the governments he was a part of in the past had never used Section 7 of the Reserve Bank of India 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". Only the final decisions taken are communicated.

If the move was indeed true, it showed that the government was "desperate" and was hiding facts about the economy, he said adding the previous UPA government did not invoke Section 7 prior to liberalisation of the economy in 1991, the Asian financial crisis of 1997 or the period after the recession in 2008.

Unlike in the past, all the four RBI deputy governors attended Tuesday's FSDC meeting along with Patel.

Sources said it is a pre-scheduled and routine meeting of the central board of the RBI.

"Other issues discussed include market developments and financial stability implications of the use of RegTech and SupTech by Financial Firms and Regulatory and Supervisory Authorities, and implementing the recommendations of the Sumit Bose Committee Report on measures, such as, promoting appropriate disclosure regime for financial distribution costs", it added.

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"The Government, through these consultations, places its assessment on issues and suggests possible solutions".

The series of loan defaults by the IL&FS has resulted in doubts over financial soundness of the non-banking finance companies.

The last meeting of the board was held earlier this month.

In the latest document released by the Ministry of Finance, Financial Stability and Development Council (FSDC) deliberates about creating a framework for banning the use of cryptocurrencies and shifting the focus on distributed blockchain technology (DLT). In his speech, Acharya had defended the central bank's independence, saying its autonomy would be strengthened by having regulatory control over state-run banks.

The statement however did not mention of the government citing the never-before-used power of issuing directions to RBI Governor to seek a resolution to differences with the central bank.


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