Tuesday, 13 November, 2018

RBI is Like Seat-Belt, Will Prevent Accident: Raghuram Rajan

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Priscilla Morrison | 07 November, 2018, 00:14

He also said that RBI giving "extraordinary dividend" to the government would lead to an "inflationary situation".

Reacting on the recent spat between the RBI governor Urjit Patel and Finance Minister Arun Jaitley, former RBI governor Raghuram Rajan has given an interesting analogy to deal with the issue. "Protect the nation", the Congress chief tweeted and also posted the media report.

Congress president Rahul Gandhi on Tuesday attacked Prime Minister Narendra Modi over a media report which claimed the government is seeking Rs 3.6 lakh crore from the Reserve Bank of India (RBI), He allege that the PM needs the amount to fix the "mess his genius economic theories" have made.

More news: Tesla coming to India in 2019, says Elon Musk

The Congress spokesperson said the RBI had resisted the government's demand to part with Rs 3.6 lakh crore worth of cash reserves "very strongly". The Finance Ministry, in its proposal, suggested that the surplus can be jointly managed by the RBI and the government. "If this would fructify, this would be tantamount to the Great Indian Bank Robbery", Tewari claimed. Sources have confirmed to The Indian Express that the RBI views this attempt by the government to dip into its reserves can adversely impact macro-economic stability. "And today the NDA/BJP government wants to demolish that confidence (of investors) and demolish the Reserve Bank of India in the process", he said. Argentina is before the International Monetary Fund for a $50-billion bailout, he said.

The government believes that RBI has over-estimated its capital reserves requirements resulting in the excess capital of Rs 3.6 lakh crore.

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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