Excess money kept by RBI a raid on the economy: BJP MP


Team Udayavani, Dec 31, 2018, 12:42 PM IST

New Delhi: Amid the controversy over how much capital the Reserve Bank should keep as its reserves, a BJP MP Monday said by holding on to the excess money, it is resorting to raiding the economy.

Participating in the debate on the Supplementary Demands for Grants in the Lok Sabha, Anurag Thakur also cited infrastructure projects being stuck due to lack of liquidity.

He sought to blunt opposition charges that the government was encroaching on the autonomy of the Reserve Bank of India.

“The developing economies keep 7 per cent of the reserves, conservative economies have 14 per cent of the reserves while the RBI keeps 32 per cent. It is not the raid on the RBI, but it is the RBI’s raid on the economy.” 

He said the fundamentals of the Indian economy were very strong and that the fiscal deficit, the current account deficit and inflation were under check.

The transfer of reserves had been the bone of contention between the government and the RBI.

To address this issue, the RBI has formed an expert committee under its former Governor Bimal Jalan to decide the appropriate level of reserves that the regulator should hold.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Hotels, restaurants barred from levying service charge

Civic workers protest: Govt issues assurance letter, protests end

IAS officer J Manjunath arrested on charges of corruption

16 people get life imprisonment in Barakali killing

Goddess Durga idol floats to shore, builds curiosity among locals

Man who entered Mamata’s residence says he thought it was Kolkata Police HQ

Pope denies resignation rumors, hopes to visit Kyiv, Moscow


Related Articles More

PM Modi to visit Varanasi on July 7; to inaugurate, lay foundation stone of development projects

16 people get life imprisonment in Barakali killing

Finmin to hold first Arun Jaitley Memorial Lecture on July 8

Ranaut appears before Mumbai court in Javed Akhtar defamation case; proceedings take place behind closed doors

Man who entered Mamata’s residence says he thought it was Kolkata Police HQ

MUST WATCH

Tourist gathering, Road Block at Charmadi Ghat

Heavy Rain at Kalasa : Horanadu Kalasa Road Block

NEWS BULLETIN 03-07-2022

The deer swallowed 80 kg. A python weighing 14 feet long!

Vitla College Student doing Good Job


Latest Additions

RBI launches next round of survey of manufacturing companies

PM Modi to visit Varanasi on July 7; to inaugurate, lay foundation stone of development projects

Hotels, restaurants barred from levying service charge

Civic workers protest: Govt issues assurance letter, protests end

IAS officer J Manjunath arrested on charges of corruption

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.