Seven days ago, the question was raised by the Controller and Auditor General of India (CAG) Rajiv Maharishi. On Tuesday, the finance minister Arun Jaitley, along with the UPA government, also targeted the Reserve Bank in the same question. Asked, when the banks were lending between 2008 and 2014, what was the Reserve Bank doing? When there is a fight between banking sector regulators almost every day, it is likely to be more bitter after the Finance Minister's comments.
This argument has already taken place in the Congress. The spokesperson, Anand Sharma, is spearheading an independent and autonomous organization like Reserve Bank in a planned way. Which is not always desirable.
The Finance Minister said the government had asked the banks to pay arbitrage lending to show the artificial revision of the economy after the recession. Basically, the growth rate of banks-loans increased from 14% to 31%. But in doing so, many projects were loaned out, from which they could not be recovered. As a result of her loss, her property was raised from Rs 2.5 lakh crore to Rs 8.5 lakh crore at the time of her unpredictability. Jaitley raises questions about the role of the top bank here. His insincerity, "I do not know what the Reserve Bank was doing! They are the regulators of the banking sector. "
Recently, Reserve Bank Deputy Governor Birbal Acharya warned that the government does not honor the independence of the central bank, because of the consequences of their sufferings. After this the finance minister reminded the regulator the need to be nominal. Since then, there is a fight between two factions. In that context, Jaitley is getting an extra importance.
Center conflict with the Reserve Bank is not new. In the wake of the UPA, former Governor Y.V. Reddy and De Subbarao have been lured into the finance ministry. Regarding the differences of opinion of the Modi government with Raghuram Rajan, too widely publicized. But after all, the way the two parties are openly fluttering, there are many people who see cloud in Sikandur in the northern part of the economy.
0 Comments