Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Democracy that banks on the electorate
access_time 28 March 2024 5:34 AM GMT
Lessons to learn from Moscow terror attack
access_time 27 March 2024 6:10 AM GMT
Gaza
access_time 26 March 2024 4:34 AM GMT
The poison is not in words, but inside
access_time 25 March 2024 5:42 AM GMT
A witchhunt, plain and simple
access_time 23 March 2024 9:35 AM GMT
DEEP READ
Schools breeding hatred
access_time 14 Sep 2023 10:37 AM GMT
Ukraine
access_time 16 Aug 2023 5:46 AM GMT
Ramadan: Its essence and lessons
access_time 13 March 2024 9:24 AM GMT
When ‘Jai Sree Ram’ becomes a death call
access_time 15 Feb 2024 9:54 AM GMT
exit_to_app
Homechevron_rightIndiachevron_rightModi govt trying to...

Modi govt trying to capture RBI: Chidambaram

text_fields
bookmark_border
Modi govt trying to capture RBI: Chidambaram
cancel

Kolkata: Senior Congress leader P Chidambaram on Thursday accused the Narendra Modi government of trying to “capture” the Reserve Bank of India to tide over its fiscal crisis, warning that any such move would be “catastrophic“.

He alleged that the government has packed the central bank’s board with handpicked nominees, and was making every attempt to push through its proposals at the RBI board meeting on November 19.

“The government stares at a fiscal deficit crisis... The government wants to step up the expenditure in an election year. Finding all avenues closed, in desperation, the government has demanded Rs 1 lakh crore from the reserves of RBI,” the former finance minister said at a press conference.

If RBI Governor Urjit Patel stands his ground, the Centre was planning to issue a direction under Section 7 of the RBI Act, 1934, directing the apex bank to transfer Rs 1 lakh curare to the government’s account, he claimed.

“The day of reckoning is November 19 when the RBI board is scheduled to meet. The government has packed the RBI board with its handpicked nominees and is making every attempt to ram through its proposal at the meeting,” Chidambaram said.

“If the RBI either defies the government or RBI governor resigns, in either events, the consequence will be catastrophic,” he added.

Show Full Article
Next Story