New Delhi: A long time seems to be in the middle of the ruling government and the central bank of the country, but it has been coming out open from last month. This fight is linked to the autonomy of the Reserve Bank of India. Which is openly opposing from within the RBI itself But after seeing the change in the key positions of the RBI in the last few days, it seems to be making a big reason for this problem. Let's know the whole case ...
Deputy governor Viral Acharya - Deputy Governor of the RBI, Viral Acharya has said that if the government does not respect the central bank's independence, then it will soon have to face the resentment of economic markets. He further said that RBI policies should be based on rules. His autonomy is affecting the government's intervention by the central bank. The central bank wants to keep a little distance from the government to improve the economy, but this is not happening. Direct intervention is being done by the government on the functioning of the bank, which can prove to be fatal.
Government of India is seen in the mood to implement section 7 of Reserve Bank. Meanwhile, the news came that RBI governor Urjit Patel could resign. It is being told that Urjit Patel has kept his side in front of the government and said that he should not be raided on RBI's reserve. The government wants that if Patel resigns then the next governor will be bureaucrat.
In August this year, the Modi government decided to include S. Gurumurthy at the board of directors of the Reserve Bank of India. Gurumurthy did not attend the board of directors for three months, and voices started against the government interference from the Reserve Bank. Now it is revealed that Gurumurthy, as a member of the Board of Directors, is making various pressures on the bank.
Gurumurthi wants to simplify the terms of giving loans to micro, small and medium enterprises i.e., MSME. With this, he also wants to increase the debt given to MSME. Gurumurthi wants some banks to give a little bit in the proactive action action under which the Reserve Bank has the right to take action against those banks whose loans have either changed in non-executed assets (NPAs) Be there These proposals of Gurumurthy have got support from other directors appointed by the government Satish Marathe, Revati Iyer and Sachin Chaturvedi. But the opinions of the full-time directors of the Reserve Bank differ from them.
Gurumurthy has been an indigenous thinker associated with the RSS. Gurumurthy is one of the founders of the Swadeshi Jagran Manch. He is a chartered accountant because of his profession. Apart from this, he is also the party's troubleshooter. When Narendra Modi was appointed as the Chief of the Election Campaign Committee for the 2014 Lok Sabha elections in 2013, and senior party leader LK Advani got annoyed at this, then at that time Gurumurthy had done the task of crisis maker.
The Swadeshi Jagran Manch also saw the RBI advising. This forum said that the governor of the Reserve Bank of India should work together with the government or else he can resign from his post. Ashwini Mahajan, the convenor of the forum, said that the deputy governor of the Central Bank, along with other officials, should avoid speaking publicly if there is any disagreement with the government. He further said that if the deputy governor of the central bank, along with any official has any problem with the government, should not speak publicly in front of the board of directors.
The central government wants to implement section 7 of the RBI Act. Through this, the government wants to increase its interference. This reduces the autonomy of the bank and the RBI is constantly raising the voices against it. Section 7 of the Reserve Bank of India Act gives a power to the government, in which under this section the government can direct the governor. Can discuss with them. The government can give instructions to the Governor of RBI to work on issues of serious and public interest. It is being told that Urjit Patel has kept his side in front of the government and said that he should not be raided on RBI's reserve. The government wants that if Patel resigns then the next governor will be bureaucrat.