Congress President Rahul Gandhi on Monday urged the Reserve Bank of India Governor Urjit Patel and his team to show some spine to put Prime Minister Narendra Modi in his place.File Photo: @INCIndia
Gandhi’s tweet came as the RBI Board meet started amidst reports of growing tensions between the Centre and the federal bank over the latter’s autonomy. There have been reports in the last few days that the Centre’s Narendra Modi government was considering a change in rules that will enable tighter supervision of the RBI. If allowed, the RBI will lose its age-old autonomy.
Rahul Gandhi’s tweet read, “Mr Modi and his coterie of cronies, continue to destroy every institution they can get their hands on. Today, through his puppets at the
#RBIBoardMeet he will attempt to destroy the RBI. I hope Mr Patel and his team have a spine and show him his place.”
Mr Modi and his coterie of cronies, continue to destroy every institution they can get their hands on. Today, through his puppets at the #RBIBoardMeet he will attempt to destroy the RBI. I hope Mr Patel and his team have a spine and show him his place.
— Rahul Gandhi (@RahulGandhi) November 19, 2018
The government has reportedly porposed that the RBI Board draft regulations that allow setting up of panels to oversee functions. Critics say that this will spell disaster for the country’s economy if the government is allowed to have its say since the board is already replete with too many government representatives.
Experts are worried over government’s latest plan to set up new panel that monitors the functioning of the RBI in light of the crazy statements made by the representatives of the government. Only a few days ago, Swaminathan Gurumurthy, the RBI’s board member who was recently appointed by the government, suggested that if the right to print currency was entrusted to the government and not the central bank, the ongoing liquidity issues could have been handled better.
Gurumurthy has been associated with the BJP’s ideological parent, the RSS.
The government representatives are likely to find a middle ground by persuading Patel to not resign. There were reports that Patel may resign after one of his deputies, Viral Acharya, openly launched an attack on the government in the recent past.