Minister Jitendra Awhad to Modi Govt, account for Rs 3.32 trillion RBI surplus transfer
Minister Jitendra Awhad to Modi Govt, account for Rs 3.32 trillion RBI surplus transfer
Maharashtra Minister Jitendra Awhad questioned the Modi Govt on surplus transfer of RBI funds , “give us accounts”- he said, Dr Awhad said since year 2018- the Govt has used sec 7, RBI act and transferred Rs 3.32 trillion
Minister Jitendra Awhad stressed that,Section 7 of the RBI Act empowers the Central Govt to entrust powers to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank. It promotes “low Capital level” and credibility of major banks are affected.
He quoted the then Dy Governor, RBI, Viral Acharya,who had also openly warned the government that “the risks of undermining the central bank’s independence are potentially catastrophic.
DR Awhad quoted Raghuram Rajan who had said, “Sometime, we need to undertake international transactions which require really high credit rating.So, for that we need an unimpeachable balance sheet. Then Rajan said,”it is the People’s money, People should Monitor it”
Dr Awhad said in 2019- Rs 1.76 trillion was transferred, 2020- Rs .57 trillion and 2021- Rs .99 trillion transferred- A total of Rs 3,32,301 crores were transferred, account for it.
