Arun Jaitley admits to issues with RBI on credit flow, liquidity as govt under fire for Urjit Patel's sudden exit
Though Jaitley did not explicitly mention it, the discussions he was alluding to were under Section 7 of the RBI Act, through which the government of the day can force down certain policies for the central bank to implement, citing national interest Mumbai: Under fire for the surprise resignation of governor Urjit Patel, senior Union ministers went on an offensive on Thursday, decrying RBI policies as “unreasonable” and also justified the discussions under the never-before-used Section 7. Referring to the banks under the prompt corrective action framework which prevents them routine lending activities and is another pain area for an election-bound government, coal minister Piyush Goyal, who manned had North Block when Jaitley was on medical leave, hit out at RBI for making “unreasonable” amendments to the framework. “The PCA is akin to changing the ground rules halfway through a cricket match,” Goyal said, underlining that the decision was taken by RBI without a go-ahead from its central board or government. Goyal, who also is the Rail minister, termed the speculation about the government wanting to use the excess RBI capital for bridging the fiscal gap as a “canard”.
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