After a 9-hour meeting with the government on Monday, the Reserve Bank of India (RBI) will now have to push itself to be more empathetic to the concerns and suggestions of its board, according to a Times of India report.

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The report said that the 13 external directors, including two government nominees "seemed poised to exercise overt influence over the regulatory decisions of the governor and his deputies".

“Earlier it was essentially between the governor and the government. What has happened is that the board has come into the picture, it is active now. And it has started taking instructions from the centre. In that sense, there is an interjection. Past boards included people like APJ Abdul Kalam and UR Rao who represented society in large and they only guided. The governance structure remains the same but the relationship has now changed,” a former RBI governor told TOI.

On the part where if the setting up of a committee for examining the central bank's capital framework implies if the central bank is board-driven, another former governor said, “It appears that its autonomy has been diluted as it is the RBI that used to set up the committees.”