RBI move to transfer Rs 1.76 lakh crore to Centre has shocked economists: VCK general secy Ravikumar

"Rajan's successor Urjit Patel had also refused to bend to the Modi Government's demands and resigned in merely two years time," Ravikumar said in a statement.

Published: 27th August 2019 05:22 PM  |   Last Updated: 27th August 2019 05:22 PM   |  A+A-

D Ravikumar, VCK general secretary

General secretary of VCK D Ravikumar (Photo | EPS)

By Express News Service

CHENNAI: Slamming the Reserve Bank's decision to transfer Rs 1.76 lakh crore from the bank's reserves to the Centre, Ravikumar, general secretary of the VCK has said that the move has 'shocked' economists. 

When Raghuram Rajan was Governor of the RBI, the Centre had sought the transfer of 3.6 lakh crores, a third of the RBI's reserves- a demand that was turned down by Rajan stating that the RBI's 'AAA' rating would go down if the transfer was made and would be detrimental to the economy, Ravikumar said in a statement on Tuesday. 

"Rajan's successor Urjit Patel had also refused to bend to the Modi Government's demands and resigned in merely two years time," the statement said. 

Realising that having economists at the helm of the RBI would prevent the BJP from 'plundering' the bank reserves, the BJP has now appointed someone who has no background in economics and is associated with the BJP-RSS, as it's Governor, the statement said. 

After deciding to sell off public sector undertakings stakes, the BJP has now decided to plunder the RBI, it stated. 

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