How about RGC- RBI Governing Council?
Government must restructure RBI with a new outfit called RGC- RBI Governing Council with 5 members.
One RBI Governor,
One member from NITI AYOG,
One member from or appointed by Finance Ministry,
One member from or appointed by SEBI,
One member from or appointed by Ministry of Corporate affairs
This will ensure better synergy with economic development agenda and social welfare measures proposed by Government through RGC’s professional inputs with compliance to the laws of the land and in tune with the constitution of India.
All major financial, economic decisions to be approved by majority vote of RGC and ensure avoiding individual whims, fancies and favors spoiling economic developmental activities or jeopardizing national interest either real or perceived to be so.