Modi government constantly interfered with RBI’s autonomy: Maharashtra Congress President Ashok Chavan

RBI Governor Urjit Patel resigned from his post and cited personal reasons for the same

Modi government constantly interfered with RBI’s autonomy: Maharashtra Congress President Ashok Chavan

After the sudden resignation of India’s Reserve Bank of India (RBI) Governor Urjit Patel on Monday evening, there are many speculations being generated in the political and financial circle. The spat and disagreement between the Narendra Modi government and Patel were not unknown. Although, Patel has cited personal reasons for his resignation the government critics are blaming Modi government for the same. 

Reacting to this, Maharashtra Congress President Ashok Chavan blamed the Bharatiya Janata Party (BJP) government in the centre for trying to “reduce the autonomy" of the central bank. 

RBI Governor Urjit Patel’s resignation is a clear indicator of the government’s constant interference with the RBI. Prime Minister Modi should move the RBI headquarters to Delhi because no RBI Governor is allowed do their job independently in Mumbai,” said Maharashtra Congress President Ashok Chavan.

Speaking in Mumbai, Chavan said that the RBI was one of the pillars of India’s financial stability and had a large role to play in steering the country’s economy. “The RBI has always remained free from political interference. Any attempts to reduce its independence are unconstitutional and should be condemned,” he said.

Also Read - RBI Governor Urjit Patel Resigns; Cites Personal Reasons In Statement

Attacking the government for trying to “raid the RBI’s reserves” to fund failed flagship projects, Chavan said, “India has witnessed the worst fiscal mismanagement in the past four years. This government does not know how to raise resources - nor does it know how to allocate resources.”

Responding to recent efforts at changing the nature of the RBI board, Chavan said that this was a direct attempt to influence the ideology of the central bank.

The BJP is putting RSS workers as board members of the RBI. From education to banking, they have tried to infiltrate all the premier institutions of this country. This is why honest, upright officers have been forced to resign,” alleged Chavan.

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