Prime Minister Modi should move RBI HQ to Delhi: Ashok Chavan

“RBI Governor Urjit Patel’s resignation is a clear indicator of the government’s constant interference with the RBI. Prime Minister Modi should move the RBI headquarters to Delhi because no RBI Governor is allowed do their job independently in Mumbai,” said Maharashtra Pradesh Congress Committee President Ashok Chavan, blaming efforts to reduce the RBI’s autonomy for the resignation of Governor Urjit Patel.

Speaking in Mumbai, Chavan said that the RBI was one of the pillars of India’s financial stability and had a large role to play in steering the country’s economy.

“The RBI has always remained free from political interference. Any attempts to reduce its independence are unconstitutional and should be condemned,” he said.

Attacking the government for trying to “raid the RBI’s reserves” to fund failed flagship projects, Chavan said that India had witnessed the worst possible forms of fiscal mismanagement in the past four years.

“India has witnessed the worst fiscal mismanagement in the past four years. This government does not know how to raise resources – nor does it know how to allocate resources,” said Chavan.

Responding to recent efforts at changing the nature of the RBI board, Chavan said that this was a direct attempt to influence the ideology of the central bank.

“The BJP is putting RSS workers as board members of the RBI. From education to banking, they have tried to infiltrate all the premier institutions of this country. This is why honest, upright officers have been forced to resign,” said Chavan.