RBI board meeting: The Reserve Bank of India (RBI) board held a marathon meeting today. This comes amid a rift between the central bank and the government over several issues. RBI Governor along wtith the rest of the 18 members arrived at the central bank headquarters at the Mint Road early in the day to discuss the key issues. The RBI has an 18-member board, which also includes four deputy governors, government nominees department of economic affairs secretary S C Garg and financial services secretary Rajiv Kumar, besides non-official director including S Gurumurthy and Satish Marathe.

Today's meeting ended on a cordial note, Reuters reported, with the board deciding to form several committees to look into the issues. Here are key takeaways from today's meeting:

• Reserve Bank of India (RBI) Central Board decided to constitute an expert committee to examine the Economic Capital Framework (ECF), the membership and terms of reference of which will be jointly determined by the Government of India and the RBI.

• The central bank will take measures to improve liquidity. One of the reasons for the rift between the government and the RBI was the liquidity crisis in the NBFC sector.

• The Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the Government of India and the RBI.

• The Board also advised that the RBI should consider a scheme for restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to 250 million, subject to such conditions as are necessary for ensuring financial stability.

• The Board, while deciding to retain the CRAR at 9%, agreed to extend the transition period for implementing the last tranche of 0.625% under the Capital Conservation Buffer (CCB), by one year, i.e., up to March 31, 2020. With regard to banks under PCA, it was decided that the matter will be examined by the Board for Financial Supervision (BFS) of RBI.

• The next meeting of the RBI board is likely to be held on December 14.

(With inputs from agencies)