Congress decries government’s bid to overtake Reserve Bank of India

New Delhi: The Congress on Tuesday decried the Modi government’s latest attempt to take charge of the monetary policy to finish the autonomy of the Reserve Bank of India (RBI) and urged it to desist from destroying this autonomy. Its senior spokesman Anand Sharma, a former union minister, told a press conference here that the RBI’s principal role is to ensure the country’s fiscal stability as the money creator and the monetary authority.

He said the government is the spending authority that can not overtake the role of the monetary authority. He said the government has been systematically attacking the autonomous institutions as if they were just the government departments and that is how India’s investigating agencies, including CBI, were misused to destroy their credibility.

He pointed out how the University Grants Commission (UGC) and the universities have been compromised to not allow freedom of expression by the professors on the campuses. Sharma said he was surprised at the sharp attack on RBI by Finance Minister Arun Jaitley and holding it guilty on its failure in the superintendence over the banks. He said whom will Jaitley blame for the NPA (non-productive assets) of banks shooting up from Rs 3 lakh crore in 2014 to Rs 12 lakh crore today.

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