In flexing for more autonomy, the RBI runs into the government’s plans as 2019 draws near.
With two deputy governors of Reserve Bank of India (RBI) taking on the government in a span of less than a week over the need for greater autonomy, some issues of discord between the central bank and the finance ministry have come to the fore. though it is not the first time the two institutions have engaged in or given rise to public discourse, the feud has never been so bitter.
The writing on the wall suggests a hardening of stance by the RBI, and the unwillingness of its governor Urjit Patel and his team to take the blame for all the ills in the banking system. The finance ministry, however, appears to be bent on discrediting the central bank’s stance on various issues. There are several fronts on which the RBI and the finance ministry have taken opposing stances, including not just interest rates, but also the burgeoning non-performing assets (NPAs), with the finance ministry laying the blame on the previous UPA government and, to some extent, the central bank, for allegedly failing in proper regulatory supervision. Another issue is the use of RBI reserves, as the government is keen to get higher dividends for pushing ahead with its various schemes, possibly with an eye on the 2019 general elections.
This story is from the November 19, 2018 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 19, 2018 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Man Who Shot Deewaar
Most of Yash Chopra's iconic films, including Deewaar, Kabhi Kabhie and Silsila were shot by the prolific Kay Gee
Acting Away Oppression
Virendra Ganvir uses theatre as a medium to confront the societal inequalities associated with manual scavenging
Bonding with the Bonds
The revelation of donor-recipient connections in electoral bonds may cause discomfort to the BJP-the biggest beneficiary. But many others are looking for cover, too
"We need ideas, patience, and hope"
Over the last few years, several human rights organisations have been demanding the release of former Delhi University professor Gokarakonda Naga (G N) Saibaba. On March 5, 2024, the Bombay High Court acquitted Saibaba along with Hem Mishra, Mahesh Tirki, Vijay Tirki, Prashant Rahi, and Pandu Narote.
The Iron Harvest
The farming community has always been given great significance when it comes to poll promises and manifestoes. But many of their issues have never been resolved
The Young and the Restless
Nearly two crore young voters will cast ballots for their next government this year. One of their major issues - unemployment
The Female Factor
Female voters are set to outnumber male voters by the 2029 Lok Sabha elections in India. Yet, the number of women in the political domain remains woefully low
The Politics of New Castes
With the Prime Minister announcing the poor, women, farmers, and the youths as new caste categories, it would be interesting to see its impact on the upcoming General Elections
The Runaway Groom
Tribal communities in the country have had interesting and unique wedding customs, but most have gone extinct with time
Truly Traditional
As the trend of lavish five-day weddings becomes the norm, many are going back to the roots to revive lapsed traditions