A day after the Reserve Bank of India (RBI) decided to transfer a record Rs 1.76 lakh crore to the exchequer, Congress leader Rahul Gandhi Tuesday said the government was “clueless” on how to solve its “self-created economic disaster” and was “stealing” from the central bank. Using an anecdote, Gandhi said it was “like stealing a Band-Aid from the dispensary and sticking it on a gunshot wound”.
“PM & FM are clueless about how to solve their self created economic disaster. Stealing from RBI won’t work – it’s like stealing a Band-Aid from the dispensary & sticking it on a gunshot wound. #RBILooted,” Gandhi tweeted.
The surplus approved by RBI’s central board on Monday is more than three times the average transferred by the central bank to the government in the last five years.
Before RBI Governor Shaktikanta Das, one of the issues of friction between the government and the central bank was the transfer of excess reserves. His predecessors Urjit Patel and Raghuram Rajan had cautioned against it saying this would hit the RBI’s ratings and increase its borrowing cost.
The RBI, under Shaktikanta Das, believes its reserves are sufficient, the amount isn’t big — and this is the push the economy needs.