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Don’t Need Money For 6 Months: Arun Jaitley on Seeking RBI’s Surplus Reserves

"We respect the autonomy (of the RBI) but, at the same time, if some sectors are starved of liquidity or credit, we will flag those issues. We do so with the RBI."

PTI

Updated:November 24, 2018, 1:59 PM IST
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Don’t Need Money For 6 Months: Arun Jaitley on Seeking RBI’s Surplus Reserves
File photo of Finance Minister Arun Jaitley. (PTI Photo)
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Mumbai: India does not need money from the Reserve Bank of India (RBI) in the next six months, the finance minister said, rejecting opposition charges the government was seeking access to the bank's reserves to fund schemes ahead of the 2019 general election.

"I don't need money in the next six months," Finance Minister Arun Jaitley told a news channel. Critics accuse the government of trying to undermine the central bank's authority, but Jaitley said his government respected the institution's independence.

"We respect the autonomy (of the RBI) but, at the same time, if some sectors are starved of liquidity or credit, we will flag those issues. We do so with the RBI."

The Congress has accused Prime Minister Narendra Modi's government of eyeing the cash reserves held by the RBI. "Government is determined to 'capture' RBI in order to gain control over the reserves," P. Chidambaram, former finance minister and senior Congress leader tweeted last week.

The government has been pushing for access to RBI's surplus reserves prompting the central bank's board to form an expert panel to look into whether its cash pool is adequate.

The board whose members include government nominees, in a meeting last week, advised the RBI to aid small businesses and give bankers more time to step up capital norms to encourage lending and stimulate the economy ahead of next year's election.

(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
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