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

Reserve Bank of India Governor Urjit Patel arrives for a news conference at the bank's head office in Mumbai

Reserve Bank of India Governor Urjit Patel arrives for a news conference at the bank's head office in Mumbai

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".

Man huffed chemicals before crash that killed 4
Treu, 21, is being held on suspicion of homicide by intoxicated use of a vehicle and homicide by negligent use of a vehicle. She said this photo was taken shortly before the crash that took the life of her 9-year-old daughter, Jayna.

"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.

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