Dear govt, RBI income is not meant for your expenses
6 years, 2 months ago

Dear govt, RBI income is not meant for your expenses

Live Mint  

What would a householder do when its expenses threaten to outstrip income? Hence when it looked like its fiscal math was too difficult to manage, the government seems to have hit upon a new reserve, called the Reserve Bank of India. The latest string of arguments from the government including tweets of the economic affairs secretary suggest that the government wants to open the debate on whether RBI is over capitalized. To be sure, the government is well within its rights to demand a bigger transfer of RBI reserves because as the sovereign it owns the central bank. At the board meeting on 19 November, it is likely that the government would put pressure on the RBI governor on the framework to determine the central bank’s capital among a host of other matters.

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History of this topic

Growth slowdown: Why lay a deeper economic malaise at RBI’s door?
1 month ago

Growth slowdown: Why lay a deeper economic malaise at RBI’s door?

Live Mint  

Chapter 16 in the Book of Leviticus, Old Testament, enjoins Aaron to organize sacrifices and expiate the sins of all Israelites. Various ministers, government officials and sundry industry representatives have been hinting at RBI culpability in India’s economic slowdown and have called upon its monetary policy committee to cut rates in support of growth. The debate began with this year’s …

New RBI guv must keep macro picture in sight
1 month ago

New RBI guv must keep macro picture in sight

Hindustan Times  

The Reserve Bank of India is one of India’s most illustrious institutions. In 2016, the Centre added another mandate to RBI’s responsibilities, controlling inflation in the economy. India's Press Information Bureau/Handout via REUTERS The change of guard in Mint Street, with Sanjay Malhotra replacing incumbent Shaktikanta Das, comes at a point where the central bank has been steadfastly holding interest …

India’s Booming Forex Reserves: Hidden Risks and Economic Concerns
6 months, 1 week ago

India’s Booming Forex Reserves: Hidden Risks and Economic Concerns

The Hindu  

Published : Jul 08, 2024 11:43 IST - 6 MINS READ Figures on India’s balance of payments in financial year 2023-24, released by the Reserve Bank of India recently, have added to the hype on India’s growth story. India’s current account deficit, or the surplus of current foreign exchange expenditures and outflows over current foreign exchange earnings and receipts, fell …

DC Edit | RBI’s booster shot to economy
7 months, 3 weeks ago

DC Edit | RBI’s booster shot to economy

Deccan Chronicle  

The Reserve Bank of India transferred a whopping amount of Rs 2.1 lakh crores to the Central government as a dividend payout, giving a booster shot to volatile stock markets. The current payout is 141 per cent higher than the ₹87,416 crores that the RBI had given the Central government last year and is Rs 1.1 lakh crores more than …

Welcome bounty: On the RBI’s ₹2.11-lakh-crore transfer to the Union government
7 months, 3 weeks ago

Welcome bounty: On the RBI’s ₹2.11-lakh-crore transfer to the Union government

The Hindu  

The decision by the Reserve Bank of India’s board to transfer a record surplus of almost ₹2.11 lakh crore to the Union government for 2023-24 will serve as a welcome shot in the arm for the new government when it presents its Budget in July. More than double the previous year’s ₹87,416 crore payout as well as the ₹1.02 lakh …

RBI To Pay Record Rs 2.11 Lakh Crore Dividend to Government
7 months, 3 weeks ago

RBI To Pay Record Rs 2.11 Lakh Crore Dividend to Government

Deccan Chronicle  

Mumbai: The Reserve Bank of India's board on Wednesday approved the transfer of record Rs 2.11 lakh crore as dividend to the Central government for accounting year 2023-2024. This is the highest ever surplus paid by the central bank to the government and is a 141 per cent jump from Rs 87420 crore dividend paid in the financial year ended …

India's forex reserves see ₹54k crore boost; jump to $625 billion in March
10 months ago

India's forex reserves see ₹54k crore boost; jump to $625 billion in March

Hindustan Times  

India witnessed a boost of over ₹54,000 crore in forex reserves for the week ending on March 1, announced the Reserve Bank of India on Friday. India sees major boost in forex reserves This marks a significant bump from last week's forex reserve boost, showed RBI's data. For the week ended March 1, the foreign currency assets, a major component …

India's June quarter current account deficit narrows to 1.1 per cent: RBI
1 year, 3 months ago

India's June quarter current account deficit narrows to 1.1 per cent: RBI

Hindustan Times  

India's current account deficit narrowed to USD 9.2 billion or 1.1 per cent of GDP for the April-June period, the Reserve Bank said on Thursday. The net external commercial borrowings to India recorded an inflow of USD 5.6 billion in the quarter compared to an outflow of USD 2.9 billion a year ago, the RBI said The current account deficit, …

RBI refused Rs 2-3 lakh crore transfer to government in 2018: Viral Acharya
1 year, 4 months ago

RBI refused Rs 2-3 lakh crore transfer to government in 2018: Viral Acharya

India Today  

Former RBI deputy governor Viral Acharya shared more details about the events that led to the public clash between the government and the Reserve Bank of India in 2018, just a year before the 2019 Lok Sabha elections. In an updated prelude to his book, Quest for Restoring Financial Stability, he disclosed that the Reserve Bank of India refused the …

RBI Board Approves Rs 87,416 Crore Dividend Payout To Centre For 2022-23
1 year, 7 months ago

RBI Board Approves Rs 87,416 Crore Dividend Payout To Centre For 2022-23

ABP News  

The Reserve Bank of India on Friday approved Rs 87,416 crore dividend payout to the central government for 2022-23, nearly triple of what it paid in the previous year. "The board approved the transfer of Rs 87,416 crore as surplus to the central government for accounting year 2022-23, while deciding to keep the Contingency Risk Buffer at 6 per cent," …

India's Forex Reserves Increase by $689 Million to $584.55 Billion
3 years, 10 months ago

India's Forex Reserves Increase by $689 Million to $584.55 Billion

News 18  

India’s forex reserves increased for the second consecutive week, touching USD 584.554 billion as of February 26, up by USD 689 million, the Reserve Bank said on Friday. The overall reserves had increased by USD 169 million to USD 583.865 billion in the previous reporting week. For the week ended February 26, the core currency assets the largest component of …

RBI Balance Sheet Expands by 30% in 2019-20
4 years, 4 months ago

RBI Balance Sheet Expands by 30% in 2019-20

News 18  

The size of the Reserve Bank’s balance sheet, which is reflective of activities carried out by it in pursuance of currency issue function as well as monetary policy and reserve management objectives, has increased by 30.02 per cent in the year ended June 30, 2020, says its annual report. The balance sheet increased by Rs 12,318.88 billion to Rs 53,347.93 …

RBI to transfer ₹57,128 crore surplus to Centre for FY20
4 years, 5 months ago

RBI to transfer ₹57,128 crore surplus to Centre for FY20

The Hindu  

The board of the Reserve Bank of India has approved the transfer of ₹57,128 crore as surplus to the government for the accounting year 2019-20, while deciding to maintain the Contingency Risk Buffer at 5.5%, the RBI said in a statement on Friday. “The Board reviewed the current economic situation, continued global and domestic challenges and the monetary, regulatory and …

RBI payout may slump in disappointment for markets, fund says
4 years, 6 months ago

RBI payout may slump in disappointment for markets, fund says

Live Mint  

Bond traders pinning their hopes on a larger-than-budgeted central bank payout to Prime Minister Narendra Modi’s government may be in for a disappointment, according to Quantum Advisors Pvt. The Reserve Bank of India will probably transfer as much as ₹60,000 crore for the year to June 30, sticking with estimates unlike last year when the payment was almost double the …

RBI buys so many US dollars that it ends up supporting debt market
4 years, 6 months ago

RBI buys so many US dollars that it ends up supporting debt market

Live Mint  

The Reserve Bank of India has accumulated so many dollars recently that it’s having a knock-on impact on the nation’s sovereign debt market. “The central bank’s FX policy is achieving multiple objectives of augmenting reserves, creating liquidity that’s helping demand for bonds, and at the same time curbing rupee volatility,” said Naveen Singh, head of fixed-income trading at ICICI Securities …

Explained: Where do the RBI’s earnings come from?
5 years, 4 months ago

Explained: Where do the RBI’s earnings come from?

The Hindu  

The story so far: On August 26, the Reserve Bank of India central board decided to transfer ₹1.76 lakh crore to the government, a move that is likely to address the Central government’s precarious fiscal situation. The massive payout has raised concerns that the government may be confiscating money from the RBI to meet its urgent spending needs, thus effectively …

RBI plays white knight to cash-strapped govt
5 years, 4 months ago

RBI plays white knight to cash-strapped govt

Deccan Chronicle  

The Reserve Bank’s decision to transfer Rs 1.76 trillion to the government as surplus follows the “golden mean” principle, often used by committees. What the committee conveniently ignored was that as of June 30, 2019 the Contingency Risk Buffer level had already increased to 6.8 per cent — see the RBI Press Note of August 26, 2019. The existing Budget …

RBI’s profit more than trebles in 2018-19 on lower expenses
5 years, 4 months ago

RBI’s profit more than trebles in 2018-19 on lower expenses

Live Mint  

Reserve Bank of India’s profit for 2018-19 more than trebles to ₹1.76 trillion owing to lower expenditure and higher other income, which has enabled a higher surplus transfer to the government. Simultaneously, other income rose nearly 20 times on a y-o-y basis to ₹86,199 crore after the central bank wrote back excess provisions from balance sheet to the profit and …

Bond income helps RBI pay record payout to government
5 years, 4 months ago

Bond income helps RBI pay record payout to government

Live Mint  

The Reserve Bank of India’s record payout to the government turns the focus back to the central bank’s profits and how it can afford such a massive transfer. Almost 70% of the 1.76 trillion-rupee disbursement — which was approved by the RBI on Monday — is derived from the income the central bank earned on its investments, likely gains from …

Why the RBI's Rs 1.76 lakh crore surplus transfer has sparked a debate
5 years, 4 months ago

Why the RBI's Rs 1.76 lakh crore surplus transfer has sparked a debate

India Today  

On August 26, the central board of the Reserve Bank of India decided to transfer a surplus of Rs 1.76 lakh crore to the government-its highest transfer ever-sparking a fierce debate. The surplus from the central bank comprised two components-Rs 1.23 lakh crore of surplus for the year 2018-19 and an additional Rs 52,637 crore of excess provisions that was …

RBI’s ₹1.76 trillion transfer to government to be balance sheet neutral
5 years, 4 months ago

RBI’s ₹1.76 trillion transfer to government to be balance sheet neutral

Live Mint  

Mumbai: The transfer of the Reserve Bank of India’s surplus to the government will not require the central bank to sell assets and won’t shrink the size of its balance sheet, a person aware of the development said. The person also said that finance secretary Rajiv Kumar, the government’s nominee on the Bimal Jalan committee, wanted RBI’s surplus, or the …

The numbers behind RBI’s ₹1.76 lakh crore payout to government: 10 points
5 years, 4 months ago

The numbers behind RBI’s ₹1.76 lakh crore payout to government: 10 points

Live Mint  

The Reserve Bank of India on Monday approved a record ₹1.76 lakh crore payout to the government, which is more than double the ₹68,000 crore that it provided the previous year. The ₹1.76 lakh crore transfer to the government includes ₹1.23 lakh crore as dividend to the government and ₹52,637 crore from its surplus capital. "Revaluation balances are highly volatile, …

Government should use RBI funds in a prudent manner
5 years, 4 months ago

Government should use RBI funds in a prudent manner

The Hindu  

After a long tug of war, the government has eventually had its way with the Reserve Bank of India, managing to get it to part with a portion of its accumulated reserves. The RBI board, on Monday, decided to transfer a massive ₹1,76,051 crore to the government, including a sum of ₹52,637 crore from its contingency reserve built over the …

RBI can pay interim dividend to govt in exceptional cases: Jalan panel
5 years, 4 months ago

RBI can pay interim dividend to govt in exceptional cases: Jalan panel

Live Mint  

Mumbai: A Reserve Bank of India panel, led by former governor Bimal Jalan, has recommended that the central bank pay interim dividend to the government, a practice that started in 2016-17, only under exceptional circumstances. The Jalan committee has also recommended that RBI’s capital framework be reviewed every five years and its accounting year be aligned with the fiscal year …

Opinion | An RBI war chest that could see off a crisis
5 years, 4 months ago

Opinion | An RBI war chest that could see off a crisis

Live Mint  

The transfer of ₹1.76 trillion by the Reserve Bank of India from its coffers to the government does several important things. For one, it settles an argument over how much money RBI needs to keep for itself; the central bank says it has gone along with the recommendations of an expert panel headed by former RBI governor Bimal Jalan. One …

Congress asks government to issue white paper on economy
5 years, 4 months ago

Congress asks government to issue white paper on economy

India TV News  

The Congress on Tuesday slammed the BJP government over the Reserve Bank of India transferring Rs 1.76 lakh crore in dividend and surplus reserves to the government and asked it to release a white paper within a week on the economy. But the current financial year's first quarter for which final figures would be out on August 30 was projected …

Windfall from RBI to give government ammunition to fight slowdown, boost capex
5 years, 4 months ago

Windfall from RBI to give government ammunition to fight slowdown, boost capex

India TV News  

A record windfall from the RBI under Governor Shaktikanta Das to the tune of Rs 1.76 lakh crore -- higher than the aggregate dividend paid out by the central bank in previous three years -- will give the Modi government ammunition to fight an ever-widening slowdown in the economy by spurring investment and giving sectoral stimulus. Given the expected revenue …

RBI to transfer highest-ever surplus of Rs 1.76 lakh cr to govt; all you need to know about central bank's excess capital
5 years, 4 months ago

RBI to transfer highest-ever surplus of Rs 1.76 lakh cr to govt; all you need to know about central bank's excess capital

Firstpost  

The Narendra Modi government and the RBI under its previous governor Urjit Patel had been at loggerheads over the optimum level of surplus capital with the central bank. Governor Shaktikanta Das-led RBI central board on Monday gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for the year 2018-19 …

Govt appropriated 99 pc of RBI's profits since 2014: Yechury
5 years, 4 months ago

Govt appropriated 99 pc of RBI's profits since 2014: Yechury

India TV News  

CPI general secretary Sitaram Yechury hit out at the Centre on Tuesday over the record cash transfer by the RBI, alleging that the government had "appropriated" 99 per cent of the profits of India's central banking institution since 2014. The Left leader's reaction came a day after the Reserve Bank of India approved the transfer of a record Rs 1.76 …

RBI windfall of Rs 1.76 lakh cr surplus to Centre supports deficit, offers a permanent avenue to raise resources
5 years, 4 months ago

RBI windfall of Rs 1.76 lakh cr surplus to Centre supports deficit, offers a permanent avenue to raise resources

Firstpost  

The government will get a bonanza of around Rs 86,000 crore over and above the budgetary provision of Rs 90,000 crore from the RBI The transfer of reserves of the Reserve Bank of India to the government was a known transaction. The RBI has stated that Rs 1.23 lakh crore would be in the form of surplus and the balance …

Is RBI's Rs 1.76 lakh crore payout to govt to boost fledgling economy?
5 years, 4 months ago

Is RBI's Rs 1.76 lakh crore payout to govt to boost fledgling economy?

India Today  

The government's long-term demand for more money from RBI was fulfilled on Monday. The Reserve Bank of India transferred Rs 1.76 lakh crore, including Rs 52,600 crore of excess capital to the central government account. Where this payout comes from The windfall gain of Rs 1.76 lakh crore from RBI to the government is the outcome of framework change. Last …

Stealing from RBI won't work: Congress slams government over Rs 1.76 lakh crore surplus transfer
5 years, 4 months ago

Stealing from RBI won't work: Congress slams government over Rs 1.76 lakh crore surplus transfer

India Today  

A day after the Reserve Bank of India decided to transfer a record high surplus of Rs 1,76,051 crore to the government, the Congress party said "looting" the central bank would not help in reviving the economy. pic.twitter.com/wZQ6dqYtdi Congress August 27, 2019 "Stealing from RBI won't work - it's like stealing a Band-Aid from the dispensary & sticking it on …

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation
5 years, 4 months ago

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation

Op India  

The Reserve Bank of India has decided to transfer an amount of ₹1,76,051 crore to the Government of India. The central bank took this decision by accepting the recommendations of Bimal Jalan Committee on surplus transfer to the government. The ₹1.76 lakh crore to be transferred consists of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of …

RBI to transfer record surplus of Rs 1.76 lakh crore to Government of India
5 years, 4 months ago

RBI to transfer record surplus of Rs 1.76 lakh crore to Government of India

India TV News  

The Reserve Bank of India on Monday approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit. Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising …

RBI Board meeting today to finalise annual accounts, to take up Bimal Jalan committee's recommendation
5 years, 4 months ago

RBI Board meeting today to finalise annual accounts, to take up Bimal Jalan committee's recommendation

Firstpost  

The RBI follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised The Bimal Jalan committee’s recommendations on Economic Capital Framework along with the dividend payment to the government may be taken up in the Reserve Bank of India board meeting to be held today, sources said. Sources had earlier told IANS …

RBI to transfer Rs 1.76 lakh crore from surplus reserve to government
5 years, 4 months ago

RBI to transfer Rs 1.76 lakh crore from surplus reserve to government

India Today  

The Reserve Bank of India on Monday approved the transfer of record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting Prime Minister Narendra Modi-led regime's prospect to stimulate the slowing economy without widening fiscal deficit. Governor Shaktikanta Das-led RBI central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising …

RBI Board meet on Monday to mull over Jalan panel report
5 years, 4 months ago

RBI Board meet on Monday to mull over Jalan panel report

India TV News  

The RBI Board meeting on Monday to finalise its annual accounts is also likely to take up the Bimal Jalan panel's recommendations on Economic Capital Framework along with the dividend payment to the government, sources said. Sources had earlier told IANS that the RBI may start transferring the first tranche of the surplus this calendar, based on the Jalan panel …

RBI capital transfer: Bimal Jalan panel likely to get extension to finalise report; govt to replace its representative after SC Garg's transfer
5 years, 5 months ago

RBI capital transfer: Bimal Jalan panel likely to get extension to finalise report; govt to replace its representative after SC Garg's transfer

Firstpost  

The government and the RBI, during the tenure of the previous governor Urjit Patel, had been at loggerheads over the surplus capital with the central bank. New Delhi: The Bimal Jalan panel may get more time to finalise its report on excess capital transfer from the Reserve Bank of India to the government as Subhash Chandra Garg has been moved …

Jalan panel report on RBI’s capital size to be finalized by June-end: Guv Das
5 years, 6 months ago

Jalan panel report on RBI’s capital size to be finalized by June-end: Guv Das

Live Mint  

The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, will have one more meeting before finalising its report to be submitted to the apex bank this month-end. The six-member panel, under former RBI Governor Jalan, was appointed on December 26, 2018, to review the economic capital framework for the Reserve Bank …

Govt says not considering giving more powers to RBI to deal with state-owned banks
6 years ago

Govt says not considering giving more powers to RBI to deal with state-owned banks

Firstpost  

The powers of the RBI are wide-ranging and comprehensive to deal with various situations that may emerge in all banks, including public sector banks, said Minister of State for Finance Shiv Pratap Shukla in the Rajya Sabha New Delhi: The government is not currently considering any proposal to give more powers to the Reserve Bank of India to deal with …

Much ado about nothing: Demystifying the needless hue and cry over the RBI
6 years ago

Much ado about nothing: Demystifying the needless hue and cry over the RBI

Op India  

“The only function of economic forecasting is to make astrology look respectable,” remarked the legendary Economist John Kenneth Galbraith. Whoever in Congress thought of RBI autonomy and role in influencing election outcome doesn’t have enough knowledge to even make credible sounding arguments. According to the RBI Act’s Section 7, “the central government may from time to time give such directions …

Opinion | Finding the right balance at the central bank
6 years ago

Opinion | Finding the right balance at the central bank

Live Mint  

The regrettable mechanics of the recent change of guard at the Reserve Bank of India raises some important questions, some long overdue, about the institution’s accountability, transparency and autonomy, and the relevance of having a governor with a strong backbone. The new approach internalised that the adoption of modern monetary management in India also favoured individuals with strong macroeconomics- or …

Facts, No Fiction: There’s a new sheriff in RBI
6 years, 1 month ago

Facts, No Fiction: There’s a new sheriff in RBI

Op India  

This week has been a roller coaster ride, from high profile extradition cases, the resignation of the RBI governor and the results of recent assembly elections. That being said, it is well acknowledged that India has one of the tightest of monetary policies and that too at a time where inflation seems to be significantly lower than even RBI’s estimates. …

Demonetisation threw up political, economic puzzles: Arvind Subramanian
6 years, 1 month ago

Demonetisation threw up political, economic puzzles: Arvind Subramanian

The Quint  

New Delhi, Dec 9 Drawing the link between demonetisation and GDP numbers, former Chief Economic Advisor Arvind Subramanian has said the puzzle thrown up by the note ban has a dual aspect - whether its impact as seen in the GDP numbers reflects a resilient economy, and if the growth figures pose questions about the official data collection process itself. …

RBI-govt spat: Uneasy calm prevails as both sides seek to cool down temperatures, but rift far from over
6 years, 1 month ago

RBI-govt spat: Uneasy calm prevails as both sides seek to cool down temperatures, but rift far from over

Firstpost  

At the RBI board meeting on that day, neither side actually blinked on the issue of transferring reserves from the RBI to the government’s accounts In the Cold War era, they called it détente : but 19 November was not for the first time that there was an easing in the strained relations between the Reserve Bank of India and …

Govt does not need money from RBI in next 6 months, says Arun Jaitley; 'respect autonomy' of central bank
6 years, 1 month ago

Govt does not need money from RBI in next 6 months, says Arun Jaitley; 'respect autonomy' of central bank

Firstpost  

Critics accuse the government of trying to undermine the RBI’s authority, but Finance Minister Arun Jaitley said his government respected the institution’s independence. Mumbai: The government does not need money from the Reserve Bank of India in the next six months,finance minister Arun Jaitley said in a TV interview telecast on Friday, rejecting Opposition charges the government was seeking access …

Arun Jaitley says government does not need RBI funds in next six months, Centre keen to gain control over bank reserves
6 years, 1 month ago

Arun Jaitley says government does not need RBI funds in next six months, Centre keen to gain control over bank reserves

Firstpost  

Critics accuse the government of trying to undermine the RBI’s authority, but Arun Jaitley said the BJP-led government respected the institution’s independence. Mumbai: India does not need money from the Reserve Bank of India in the next six months, Union finance minister Arun Jaitley said in a TV interview on Friday, rejecting opposition charges the government was seeking access to …

Opinion | RBI vs govt: This truce is a defeat for central bank
6 years, 1 month ago

Opinion | RBI vs govt: This truce is a defeat for central bank

Live Mint  

Many of us will have breathed a sigh of relief as, after a marathon eight-hour meeting on Monday, it looked like India’s government and its central bank had finally made peace with each other after weeks of very public sniping. The RBI’s board, which contains several government nominees, agreed to set up a committee to examine the bank’s reserves, one …

Opinion | Misconceptions about an RBI special dividend
6 years, 1 month ago

Opinion | Misconceptions about an RBI special dividend

Live Mint  

A key agenda for discussion in Monday’s Reserve Bank of India board meeting will be the framework for distribution of surplus from the RBI to the government. No free lunch The reason a special dividend will not ease the government’s budgetary constraint is that in the absence of it curtailing its future borrowing programme, the RBI will be forced to …

Government wants to ‘capture’ RBI’s reserves, says Congress leader P Chidambaram
6 years, 1 month ago

Government wants to ‘capture’ RBI’s reserves, says Congress leader P Chidambaram

Hindustan Times  

Ahead of RBI Board meeting, Congress leader P Chidambaram Sunday alleged that the central government was determined to “capture” the bank to gain control over its Rs 9 lakh crore reserves. Congress leader P Chidambaram Sunday alleged that the central government was determined to “capture” the bank to gain control over its Rs 9 lakh crore reserves. The government on …

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