Which of the following is false about Autonomy of RBI?

There is no legal Act mandating the Autonomy of RBI. Under s.7 of the RBI Act, 1934, the central government may from time to time give such directions to the RBI as it may, after consultation with the Governor of the Bank, consider necessary in the public interest. Moreover, there is no legal act mandating autonomy of the RBI. Yet, RBI has always been looked upon as an autonomous body which has under its umbrella all commercial banks, be it PSBs or private banks or foreign banks. It is not only vested with the powers to formulate the monetary policy but also to monitor the functioning of all banks. To play its role effectively, autonomy in its functioning is sine qua non for RBI.