Bharatiya Janata Party (BJP) leader Subramanian Swamy on Thursday embarrassed the government by publicly mocking the RBI Governor Raghuram Rajan saying that he should be removed as he was not fit for the nation.
“In my opinion, the RBI Governor is not apt for our country. His move to increase the interest rates, so as to cut down inflation and stabilise the economy, has backfired and has badly affected the nation,” Swamy was quoted by ANI.
News18 quoted Swamy as saying, “The country has suffered because of the way he raised interest rates saying that inflation will be curbed. He should be relieved as soon as possible and sent to Chicago.”
Speaking to reporters, Swami said, “All the industries have collapsed and as a result unemployment has increased. In my opinion, he should be removed as early as possible.”
While delivering a lecture in Cambridge University in England, the RBI Governor had on Wednesday said that foreign banks had stopped opening branches in India as they needed to set aside a lot more capital due to the country’s ‘higher risk’ credit rating and they feel it is ‘not worth’ doing so.
In a lecture titled ‘Why Banks?’ as part of the Marshall Lecture 2015-16 series at Cambridge University, Rajan said that greater demand on banks to hold capital in the post financial crisis scenario had come at a cost.