A Board for Financial Supervision (BFS), a Committee of the Central Board of RBI, was set up in 1994 and meets at least once a month to guide and oversee the RBI's supervisory functions. The BFS includes four independent members drawn from the Central Board of Directors of RBI with relevant professional background and experience.
While it is true that globally the general tendency recently has been to stress the independence or autonomy of central banks in general and monetary management in particular, this has been brought about by different countries in a variety of means: constitutional changes, legal amendments, treaty, obligations, policy reorientation or by changes in practices, procedures and overall environment of public policy.