An environment of apprehension had been created recently regarding dilution of RBI's role and autonomy in monetary regulation of the country. To clear the airs, finance minister Pranab Mukerjee has said that the government has no intention to interfere in the working of regulators.

"The intentions are quite clear. We are not going to interfere in the autonomy of regulators in their respective areas," he said.

"I have come to meet the finance minister in connection with the ordinance that they have issued regarding settlement of the dispute on regulatory jurisdiction. RBI has certain reservations and concerns, which we have expressed in the letter," Subbarao had said expressing his concern over the ordinance.

The idea was made clear by finance minister that the government has no intention to dilute the regulatory body. It will only set up a committee to decide on the jurisdiction of hybrid products.

"A joint mechanism will interfere if there is a conflict between two regulators in case of hybrid jurisdiction," said the finance minister. "The joint mechanism will contain three members from the government, including the finance minister and four members of regulators."