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19
January 2017
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- RBI Governor Urjit Patel (The Total Investment & Insurance Solutions)
Following deep concern expressed by
RBI employee unions over alleged government interference in the affairs of the
central bank and opposition protests on the issue earlier this week, RBI
Governor Urjit Patel has asked staff members to "zealously guard" the
integrity of the institution. The Total Investment & Insurance
Solutions
"Let me emphasise that one
thing we should all zealously guard is the integrity and reputation of our
organisation and any act belittling the same should deserve zero tolerance from
all of us," Patel said in an email in his first address to Reserve Bank
staff after taking over as governor in September last year. The Total Investment
& Insurance Solutions
"I am confident that all of us
working together will rise to the occasion and face these challenges in a
manner befitting the reputation of this esteemed organisation," Patel said
in a reference to the Centre's recent demonetisation measure banning Rs 1,000
and Rs 500 notes that is being implemented by the RBI. The Total Investment
& Insurance Solutions
"During the year gone by, we
have continued our efforts at restoring macroeconomic stability in the economy.
While the policy actions have already shown positive effects, nevertheless,
they are work in progress and need to be fine-tuned constantly to keep pace
with the challenging environment," he said. The Total Investment
& Insurance Solutions
The RBI employee unions last week,
in a letter addressed to Patel, expressed their deep concern over alleged
interference by the central government in the affairs of the apex bank.
The letter asked the Governor
whether a recent media report, according to which the Finance Ministry had
deputed a Joint Secretary-level officer to the RBI to oversee its currency
chest operations, is true. The Total Investment & Insurance
Solutions
"If true, this is most
unfortunate and we take strong exception to this measure of the government as
impinging on the RBI's autonomy and its statutory as well as operational
jurisdiction," the letter read. The Total Investment & Insurance
Solutions
On Wednesday, hundreds of Congress
party protesters gheraoed the RBI office in New Delhi and elsewhere, shouting
slogans denouncing demonetisation and the Centre's role in "destruction of
the RBI's autonomy". The Total Investment & Insurance
Solutions
Also on Wednesday, Patel appeared
before the Parliamentary Standing Committee on Finance and told them that Rs
9.2 lakh crore of new currency notes have been put in circulation since the
high-value currency notes were demonetised on November 8.
In another revelation about how the
crucial decision on demonetisation was taken by the RBI at a day's notice,
Patel also told the Parliamentary panel that the RBI had been
"advised" by the government on November 7 to hold a board meeting on
the issue.
The demonetisation move, designed to
combat black money, counterfeit currency and terror financing, has provoked a
major cash crunch, while the RBI has come under fire for the slow pace of
re-monetisation, as well as for the number of flip-flops it has committed in
announcing measures to deal with this unprecedented measure.The Total Investment
& Insurance Solutions
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