Government said that it holds "extensive consultations" with the central bank from time to time. Clarifying that the government holds "extensive consultations" with the central bank from time to time, the Centre on Wednesday said that it accepts the autonomy of the Reserve Bank of India within the framework of the RBI Act.

Comments from the government came amid reports that it had invoked Section 7 of the RBI Act to direct the top bank in matters of public interest.

The reports also claimed that Governor Urjit Patel, who has been in the limelight recently for taking a tough stand against the government, may quit.