"Stand Up To PM, Protect Nation": Rahul Gandhi's Message To Urjit Patel


Speaking to business news channel CNBC-TV18, Rajan said the central bank after listening to all the proposals and issues of the government, gives its best "professional" reply.

Rajan's comments on the institutional autonomy of the RBI came just days after the Centre's Narendra Modi government was accused of trampling upon the freedom of the country's federal bank, Rajan said.

Rajan said, "Once you have appointed these deputy governors and governor, you have to listen to them because that is what you have appointed them for ... they are your safety belt". "Protect the nation", he tweeted and also posted the media report. "The aim of the board is to be Rahul Dravid sensible, thoughtful, and not, with due respect, Navjot Sidhu", said Dr Rajan.

One of the nominee director on the RBI's Central Board, S Gurumurthy, has reportedly written to Patel regarding Deputy Governor Viral Acharya raising the issue of the bank's autonomy at a public event recently. This indicated that the RBI board meeting on November 19 was likely to be stormy. It has also opposed injecting more liquidity into the economy to avoid a tussle between housing and finance companies.

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"It has a responsibility to fulfil. It has to listen of course, but at the end of it, after listening, it has to take a decision because ultimately it has that responsibility", he said. I have no doubt it is doing that today. "India can't have a breakdown in dialogue between Central Bank and government", the report added.

"The RBI is something like a seat belt, the driver being the government. there could be a possibility of not putting on a seat belt".

In his interview with the news channel, the former Governor described RBI as a "seat belt", which would save the "driver" - the government - if an accident occurs.