Congress President Rahul Gandhi on Tuesday urged the Governor of the Reserve Bank of India, Urjit Patel to stand up to Prime Minister Narendra Modi to ‘protect the nation.’ This was after it emerged that the Modi government had asked for Rs 3.6 lakh crore from the RBI to fix the economy.
Taking to Twitter, Rahul wrote, “Rs 36,00,00,00,00,000 That’s how much the PM needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr Patel. Protect the nation.”
That’s how much the PM needs from the RBI to fix the mess his genius economic theories have created.
Stand up to him Mr Patel. Protect the nation. https://t.co/6BI0ePFvvH
— Rahul Gandhi (@RahulGandhi) November 6, 2018
A report by the Indian Express had said that one of the key reasons behind the stand-off between the Union Finance Ministry and the RBI was the former’s proposal seeking to transfer a surplus of Rs 3.6 lakh crore, more than a third of the total Rs 9.59 lakh crore reserves of the central bank, to the government. The ministry, the report added, had suggested that this surplus can be managed jointly by the RBI and the government.
The RBI has reportedly rejected the government’s proposal stating that taking money from its reserves will severely impact macro-economic stability.
This follows several media reports of a rift between the RBI and the Arun Jaitley-led finance ministry. Only last week, several reports had suggested that Patel may resign. The news of Patel’s possible resignation had rocked the Indian government.