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 down...it 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,"
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.)