Rahul Gandhi’s latest jibe at Narendra Modi also has advice for RBI’s Urjit Patel; here’s what he says

By: | Published: November 6, 2018 4:10 PM

Rahul Gandhi's latest jibe at Prime Minister Narendra Modi has come over the news that the government wants Rs 3.6 lakh crore from the RBI, a third of its reserves.

the RBI and the government are locked in a battle over the latter's demand of Rs 3.6 lakh crore, a third of central bank's reservesThe RBI and the government are locked in a battle over the latter’s demand of Rs 3.6 lakh crore, a third of central bank’s reserves

Rahul Gandhi, as the leader of the opposition, is missing no chance to take the dig at the Narendra Modi government. From Rafale to job creation, the Congress President has criticized the government on every issue. And this time, amid the on-going conflict between the government and the Reserve Bank of India (RBI), Rahul Gandhi has taken another jibe.

The Indian Express on Tuesday reported that the RBI and the government are locked in a battle over the latter’s demand of Rs 3.6 lakh crore, a third of central bank’s reserves, to which Rahul Gandhi tweeted: 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.

But his tweet also had an advice for the RBI governor Urjit Patel. He asked Patel, who was made governor from deputy governor by the BJP government, to stand up to the PM and “protect the nation.”

This is not the first time, Rahul Gandhi has hit out at the government over the RBI autonomy issue. Earlier when deputy governor Viral Acharya’s speech put the spotlight on government’s alleged interference in the RBI, Rahul Gandhi said,”Nice that Mr Patel is finally defending the RBI from Mr 56.”

The government and the central bank are undergoing conflicts on many fronts from Prompt Corrective Action (PCA) norms to February 12 circular on NPA resolution to transfer of the surplus.

Every year the RBI is supposed to transfer a part of its surplus profits to its owner, which is the government, after keeping aside funds for liabilities, risks, and contingencies.

Also Read- Why central bank transfers surplus profit and here’s how it works

The government is of the opinion that the RBI’s assessment of risk is conservative as compared to other nations, while the RBI is saying it is not fresh income and higher transfer of reserves will affect the confidence of the financial market.

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