reserve bank

The bills “were hardly used, so economic activity will not be impacted,” Shaktikanta Das, the governor of India’s reserve bank, told reporters last week.

They created a public Fed Board in Washington, alongside quasi-private reserve banks around the country.

That group includes a mix of staff members from the Fed’s regional reserve banks and its Board of Governors in Washington.

The regional reserve banks, which more closely represented private business interests, would have just five.

“One source of uncertainty is the outlook for the global economy, which has deteriorated recently,” Philip Lowe, the reserve bank governor, said in his statement.