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Ahead of the crucial Reserve Bank of India (RBI) Board meeting, Congress President Rahul Gandhi accused Prime Minister Narendra Modi of destroying institutions and hopes RBI Governor Urjit Patel will show him his place.
The RBI’s crucial board meeting on Monday is expected to take up the liquidity crisis that has triggered a tiff between the government and the central bank.
The Congress had accused the Modi government of destroying every institution in the country and the latest one being the RBI.
The meeting is being held amid the tension between the Centre and the RBI after the Finance Ministry cited the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.
On November 9, the central government had said it was discussing an “appropriate” size of capital reserves that the central bank must maintain. But they denied seeking a massive capital transfer from the RBI.
Economic Affairs Secretary Subhash Chandra Garg had also clarified that the government wasn’t in any dire needs of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore.
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