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"Stand Up To PM, Protect Nation": Rahul Gandhi's Message To Urjit Patel
07 November 2018, 03:39 | Hattie Nash
RBI is Like Seat-Belt, Will Prevent Accident: Raghuram Rajan
Sources have confirmed to The Indian Express that the RBI views this attempt by the government to dip into its reserves can adversely impact macro-economic stability. Both RBI and the government have been entangled in a power struggle of sorts with many media reports suggesting that RBI Governor Urjit Patel may soon resign from his post.
According to the sources, the government would continue to press the RBI to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve. "If he wants to take decisions unilaterally, it will be better for him to quit".
This was followed by three letters to the RBI from the Finance Ministry which threatened to invoke Section 7 of the RBI Act, reportedThe Times Of India. The RBI did not immediately respond to a request for comment.
The rift worsened late last month when one of the bank's deputy governors said in a speech that undermining central bank independence could be "potentially catastrophic".
"While the government is looking for short-term solutions, the RBI is focused on long term solutions", he said, adding that despite disagreements, both could resolve their differences. Previous governors too had occasionally pointed out the government's overreach, when it came to the functionality of RBI.
States Legalize Marijuana For Recreational Or Medical Use
In Missouri, voters will be asked to chose between three separate proposals legalizing medical marijuana to varying degrees. To learn more about the proposal and the effects of legalizing marijuana, read Mark Peterson's in-depth report .
Buccaneers vs Panthers: 3 Matchups to Watch
Panthers coach Ron Rivera has never benched his franchise quarterback Cam Newton because of his performance. Panthers: Play four of their next five games on the road, beginning Thursday night at Pittsburgh.