Section 7 of RBI Act: Explained
  • Under Section 7 of the RBI Act of 1934, the government of India can give directions to the RBI to take certain actions ‘in the public interest’.
  • Till now, the government has never invoked section 7 of RBI Act.
  • The issue of invoking Section 7 (1) of the RBI Act came up during the hearing of Allahabad high court in a case filed by the Independent Power Producers Association of India.