Monday, June 9, 2025
spot_img

Undermining RBI will be disastrous: Employees Union

Date:

Share post:

spot_imgspot_img

Kolkata: Days after RBI Deputy Governor Viral Acharya spoke on the need for the central bank’s autonomy, the RBI Employees Association on Monday came out in his support by stating that “undermining the country’s central bank is a recipe for disaster”. “We firmly hold that undermining the country’s central bank is a recipe for disaster and the government must desist,” The All India Reserve Bank Employees Association (AIRBEA) said in a statement.
“Let the two (Centre and RBI) talk and sort out issues instead of the government trying to ride roughshod over the RBI, what they are trying at the expense of the nation,” it said.
Acharya’s observations on October 26 about apparent government interferences had created a flutter. Acharya had warned that the market could make the government pay for eroding the bank’s independence. He said markets keenly watch the government’s activities, which exert pressure on the central bank’s independent functioning.
“This (Acharya’s warning) is not a sudden outburst, but was waiting to happen due to a long simmering discontent,” AIRBEA General Secretary Samir Ghosh said in the statement.
Acharya had compared the approaches of the two – RBI and government – in a cricketing analogy with T-20, which is a short term game, and Test Match, which is long term.
The government, with a short tenure from election to election, is prone to putting pressure on the RBI to fall in line with its expediency, which the RBI from a long-term perspective might not and would not agree, Acharya had said.
The association said the divide between the two has widened due to the continuous ‘nibbling’ by the government and the Ministry of Finance. (IANS)

spot_imgspot_img

Related articles

Women are now key drivers of progress in India: FM Nirmala Sitharaman

New Delhi, June 8 :Finance Minister Nirmala Sitharaman on Sunday highlighted that in the last 11 years, women...

CPI urges TN govt to end ‘discriminatory’ Class 11 admission practices in state schools

Chennai, June 8: Communist Party of India (CPI) state secretary R. Mutharasan has called upon the Tamil Nadu...

TN sets ambitious Kuruvai cultivation target as Cauvery panel prepares to meet

Chennai, June 8 :With favourable water storage levels in the Mettur reservoir and an optimistic monsoon forecast, the...

India scripting new chapter of national renewal in PM Modi’s decisive decade: Hardeep Puri

New Delhi, June 8 :India is scripting a new chapter of national renewal in every sphere -- economic,...