Section 13 in The Reserve Bank Of India General Regulations, 1949
13. Delegation by Central Board to Local Boards .-A Local Board shall have power to transact such business as may be delegated to it from time to time by the Central Board provided that if at the time of consideration by a Local Board of any business a majority of the members present are directly or indirectly concerned or interested therein such business shall not be finally dealt with without the previous approval of the Committee of the Central Board.
