RBI row: Opposition slams govt for ‘destroying Bank’s credibility’

New Delhi : In wake of the letter written by employees of Reserve Bank of India (RBI) to its governor Urjit Patel condemning the demonetisation drive, the Congress and Janata Dal (United) dubbed it as “shocking state of affairs”, while stating that Prime Minister Narendra Modi and his government had destroyed the credibility of the autonomous body that controlled the country’s monetary policy.
“I don’t think ever before, the employees of a government institution, especially an independent and respectable institution like the RBI, have written against its national policy. Very clearly, the RBI has compromised to an extent never ever before. Prime Minister Modi and his government have destroyed the RBI, its credibility and the role of an institution,” Congress leader Sandeep Dikshit told ANI.
He said the way in which the BJP is compromising and corrupting the RBI, it would be a dangerous signal for the nation.
Echoing similar views, JD (U) leader Pawan Varma said, “The RBI must retain its autonomy to advise and formulate or recommend policy to the government. It appears that in the case of demonetisation the RBI relinquished its autonomy in order to blindly toe the line dictated by the government. This is what has come out now from the letter of the employees. In addition, there was operational mismanagement that is what the employees have said.”