"Stand Up To PM, Protect Nation": Rahul Gandhi's Message To Urjit Patel

Capture

Capture

The Finance Ministry, headed by Arun Jaitley, has been seeking to transfer a sum of Rs 3.6 lakh crore from the RBI to the government, which will be the one third of the total reserve of Rs 9.59 lakh crore, as reported by The Indian Express.

Gandhi also urged Reserve Bank Governor Urjit Patel to "stand up" to the Prime Minister and "protect the nation". Stand up to him Mr Patel.

Alleging that the NDA government was "demolishing" the RBI, Tewari asserted that the Congress would resist all attempts to undermine the economic sovereignty of India and this "adventurism" would not be allowed. There are no free lunches with dividends, there is no Rs 3 lakh crore to give to the government.

Also emphasising on the important role of the RBI board in managing the standoff between the bank and the government, he said: "The role of the RBI board is not operational but to coach".

Facebook Blocks 115 Accounts For Attempted Interference In Elections
The war room is part of stepped up security announced by Facebook, which will be adding some 20,000 employees. Nearly all of the Facebook Pages associated with the blocked accounts appeared to be in French or Russian.

"If this were to fructify, this would tantamount to the great Indian robbery", the former Union minister said. The ministry had thus proposed that from 2017-'18, the central bank should transfer the entire surplus to the government after taking into account its capital requirements.

The Finance Ministry claims that the existing economic capital framework - which governs the RBI's capital requirements and terms for the transfer of its reserves to the government - is based on a very "conservative" assessment of risk by the central bank. The Opposition party claimed that this action sparked a constitutional crisis in the country, forcing Argentina to seek a $50-billion bailout from the International Monetary Fund.

The rift between the RBI and the government has spilled into the public domain after Deputy Governor Viral Acharya said last month that undermining central bank independence could be "potentially catastrophic", indicating the authority is pushing back against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.