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RBI Board meet: Rahul Gandhi hopes Urjit Patel, his team have spine

Urjit Patel

New Delhi | Ahead of the crucial RBI Board meeting, Congress President Rahul Gandhi Monday accused Prime Minister Narendra Modi of destroying institutions and hoped Reserve Bank Governor Urjit Patel has a “spine” and will show the prime minister “his place”.

Taking to Twitter, Gandhi accused Modi and his “coterie of cronies” of destroying institutions. Mr Modi and his coterie of cronies, continue to destroy every institution they can get their hands on.Today, through his puppets at the RBI Board Meet he will attempt to destroy the RBI. I hope Mr Patel and his team have a spine and show him his place, he tweeted. The Congress has accused the Modi government of destroying every institution in the country and the latest one being the Reserve Bank of India.

The RBI’s crucial board meeting on Monday is expected to take up the liquidity crisis that has triggered a tiff between the government and the central bank. The meeting is being held in the background of tension between the Centre and the RBI after Finance Ministry cited the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

The government on November 9 had said it was discussing an “appropriate” size of capital reserves that the central bank must maintain but denied seeking a massive capital transfer from the RBI. Economic Affairs Secretary Subhash Chandra Garg had also clarified that the government wasn’t in any dire needs of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore.

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