RBI officials should exercise restraint, or resign: SJM

The Swadeshi Jagran Manch, the economic wing of the RSS, Wednesday said RBI officials should exercise the discipline of restraint or resign.

Amid the reports that the government has issued directions to the RBI on issues such as easing lending norms to infuse liquidity in the system, SJM national co-convenor Ashwani Mahajan said RBI should not see government’s suggestions negatively and as a curb on its independence. SJM also said that RBI was ignoring ground realities.

Mahajan said, “In my opinion, the independence of the RBI is a farcical and faulty narrative to talk about.” He also said that RBI doesn’t have expertise over fiscal arrangements and it should work in sync with the government. “The fact is that the RBI is not accountable to the people of this country, the government is. Therefore, the government has to do many things for their welfare… it sends suggestions to the RBI…” Mahajan said.

Last Friday, RBI deputy Governor Viral Acharya, in a speech, pitched for maintaining RBI’s autonomy. Mahajan said Acharya has defamed India internationally. He said, “Undermining the credibility of the country by going in public is inappropriate….if (officials) cannot restrain (themselves), then resign,” he said.

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