Reserve Bank Guv meets FM

“Finance Ministry and RBI keep talking all the time,” Rajan told reporters after meeting Jaitley at his office here. In sweeping changes, a broad-based 6-member panel -- the Monetary Policy Committee (MPC) -- is being set up to decide on lending rates instead of the present practice of RBI Governor taking a call in this regard. 

Asked if the structure of the MPC would be put in place before the next policy review due on August 9, Rajan said: “I think we are putting out the structure. Let’s see how far it goes.”