"The instructions were issued to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders," the central bank said.
To maintain and enhance this credibility, the MPC needs to remain data driven so that it can respond rapidly and adequately to any unforeseen shocks that may arise in future.
The wholesale price inflation rate rose 12.94%, its highest in at least two decades.
These are some learnings from the banking crisis that unfolded last year from the Yes bank case, so the RBI is putting these steps in place to ensure that such kind of issues don't arise in future.
Bank chiefs who are not promoters will be eligible for a second-term, even after the 15-year period.
The MPC kept its key interest rate at a record low of 4% earlier this month and said monetary policy would remain accommodative until the prospects of a sustained recovery were well secured.
"The economic recovery can come under risk if this new wave of infections is not flattened soon," said Mridul Saggar, executive director at RBI and a member of the MPC.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
The NSE Nifty 50 index closed 0.92% higher at 14,819.05 and the S&P BSE Sensex rose 0.94% to 49,661.76.
The benchmark 10-year bond yield briefly rose to 6.19% after the policy decision, but fell to a low of 6.05% after the central bank announced a secondary market government securities (G-sec) acquisition programme.
Traders had been closely eyeing the borrowing calendar to see if it would help absorb the government's massive borrowing program of $12 trillion in 2021/22.
