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PTI Hyderabad
Updated: 31-10-2018 19:27 IST

With the Union government

invoking for the first time a clause of the RBI Act, AIMIM

president and Hyderabad MP Asaduddin Owaisi Wednesday alleged

that the BJP-led NDA government was "hell-bent on destroying"

all autonomous institutions in the country.

Without acknowledging the notices sent to RBI under

Section 7 of the RBI Act, the finance ministry in a statement

said autonomy was "essential" but its functioning must be

guided by public interest and needs of the economy.

"If the RBI Governor Urjit Patel resigns, then it will

be definitely called the government's unwanted, unnecessary

interference in the independence of the central bank," the All

India Majlis-e-Ittehad-ul Muslimeen (AIMIM) leader said.

"If the (RBI) Governor steps will be very

bad news. It will send a wrong message to the international

business community and it will have a grave impact on the

Indian economy as well.

Because never before has Section 7 of the RBI Act been

used in our country's history," he told reporters here.

He claimed that in the last four-and-half years all

autonomous institutions had been destroyed.

"Now the government is after RBI, and they are

responsible for allowing this issue to come to this level,"

Owaisi asserted.

Had they had a good working relationship with the RBI

governor and other governors, things would not have drifted to

such an extent, he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)