Government yet to invoke section 7 of RBI Act

The government is yet to invoke Section 7 of the Reserve Bank of India, sources told CNBC-TV18.

The consultation process has been initiated because under the RBI Act to invoke Section 7, the government has to engage with the RBI and the RBI governor specifically.

Section 7 of the RBI Act gives the center broad powers to give directions to the RBI in public interest.