Governance at Reserve Bank of India’ is slated to figure as a contentious agenda item in its board meeting on November 19. Some of the RBI directors have insisted that key ‘governance aspects’ — such as the role of the board, its powers, and referring regulatory decisions to the board — should be discussed. The government and some of the external directors feel that RBI acts on behalf of the board using powers delegated by the board. For decades there has been no discussion on governance at RBI, a person familiar with the issue told. A discussion on governance, a significant issue, could not be taken up at the last board meeting. Also, the RBI balance sheet and use of reserves is likely to be another agenda item in the meeting, said the person. According to a senior banker, not many have thought through how a part of forex reserves should go to the government. It is not transferring dollars. First it has to be converted into rupees, he said.