Finance Minister Arun Jaitley addressed the post-Budget meeting of the Central Board of the Reserve bank of India. In his address he broadly outlined the various reforms and policy measures taken by the government over the last four years and the effects thereof.

RBI governor Shaktikanta Das told the media that he will meet the heads of public and private sector banks on feb 21st to discuss the pass over of the interest rate cut it had announced to borrowers.

On the issue of merger of banks Jaitley called for the need for fewer and mega banks that are strong. In addition to associated banks of the SBI work is on for the merger of the Bank of Baroda, dena Bank and Vijaya Bank.

Reserve Bank said it will give Rs 28,000 crore to the government as interim dividend. This is the second successive year that the Reserve Bank will be transfering an interim surplus. The central bank transfers its surplus amount to the government, under Section 47 of the RBI Act, 1934.