Corporate

Backing Viral Acharya, union asks government to stop nibbling at RBI’s autonomy

Reserve Bank employees association Monday came out in support of the views saying undermining the central bank is a recipe for disaster and government to stop nibbling at its autonomy. We firmly hold that undermining the central bank is a recipe for disaster and government must desist, All India Reserve Bank Association said in a letter. The association said Acharya’s comments about government’s interventionist role vis-a-vis the RBI has created a flutter across the nation. This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent, the association said. The letter said the hiatus has widened now and the deputy governor has spoken more in disgust and despondency due to continuous nibbling by the government and the finance ministry. Even the RBI board is being sought to be stuffed in a particular direction which would prompt the discerning people to look askance, and make it difficult for RBI to frame policies, the union said in the letter. The letter said both should talk and sort out the issues, instead of trying to ride roughshod over RBI and warned that what they (government) are trying is at the expense of the nation.

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