RBI likely to seek EC approval before releasing new guidelines to banks

Officials from the finance ministry and the central bank have started discussions on the new circular

The Reserve Bank of India (RBI) is likely to seek the approval of the Election Commission (EC) before releasing its new set of guidelines to banks, which will replace its February 12 circular that was quashed by the Supreme Court earlier this week. The new circular is expected to be out in the coming week.
 
“While the matter of issuing a circular does not relate to publicity or elections in any way, the Election Commission does have a remit over any new announcement. As a matter of formality, the RBI will seek the EC’s permission before issuing the new