ECONOMY
RBI's image dented beyond repair post demonetisation, bank staff write to Chief Urjit Patel
- TEAM PT
RBI's image dented beyond repair post demonetisation, bank staff write to Chief Urjit Patel



Employees of the Reserve Bank have taken strong exception to the recent measures involving the demonetisation of Rs 500 and Rs 1,000 notes, stating that the government "is impinging on the RBI’s autonomy and its statutory as well as operational jurisdiction”.
 
The employee unions of the Reserve Bank of India (RBI) on Friday expressed their deep concern over alleged interference by the central government in the affairs of the apex bank.

The employees gave vent to their resentment over the alleged interference through a letter addressed to RBI Governor Urjit Patel.
 
In a letter, they said autonomy and image of RBI has been "dented beyond repair" due to mismanagement and termed appointment of a senior Finance Ministry official as a "blatant encroachment" of its exclusive turf of currency management.

"An image of efficiency and independence that RBI assiduously built up over decades by the strenuous efforts of its staff and judicious policy making has gone into smithereens in no time. We feel extremely pained," the letter said.
 
"We request the Governor of the RBI, its highest functionary and protector of its autonomy and prestige, to do the needful urgently to do away with this unwarranted interference from the Finance Ministry and assure the staff accordingly as the staff feels humiliated,” the letter added.

Various employee unions of the central bank have objected to the government "impinging on RBI autonomy” and have written to Patel to take action against the "unwarranted interference”.
 
The Forum’s letter follows reports that the finance ministry had sent a joint secretary to co-ordinate RBI’s cash operations. "If true this is most unfortunate and we take strong exception to this measure,” the Forum said. The Forum represents three RBI unions coordinating the officers and other employees.

"It’s painful to note that the RBI is being criticised by many quarters, for its "operational mismanagement” by the press and many important personalities. Its autonomy and image have been dented beyond repair. Such critics include even former RBI Governors,” the Forum said in the letter.
 
"Having put the RBI in a quandary, the finance ministry has now placed their officials, as reported, on the RBI set-up to "co-ordinate” allegedly,” it said. "Apart from showing the RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction, which, we state strongly, we cannot accept.”

The letter says: "We want to state very categorically that the RBI is fully capable to co-ordinate the central bank’s currency chest operations which the RBI has been performing over decades, and we do not need "any assistance” from anywhere.” "We may assume that the RBI did not ask for deployment of a joint secretary of the finance ministry in its functions, rather it’s the finance ministry which has imposed itself on the RBI, which is absolutely unacceptable and deplorable,” it said.
 
The RBI has been discharging the role of currency management for over eight decades since 1935, it said, adding the central bank does not need "any assistance" and the interference from FinMin is "absolutely unacceptable and deplorable".

The letter comes days after concerns about RBI's functioning being raised by at least three former Governors -- Manmohan Singh (former PM), Y V Reddy and Bimal Jalan. Former Deputy Governors, including Usha Thorat and K C Chakrabarty, have also voiced their concerns.

The letter said the RBI staff has carried out its job excellently following the move to ban 87 per cent of the outstanding currency by the Government.






Comment by: warriro

The letter said the RBI staff has carried out its job excellently following the move to ban 87 per cent of the outstanding currency by the Government.

reply


Comment by: https://writeversity.com

Great and nice post are available in

reply


Comment by: url

dfgsrtsertsertertertertsertgsertgse

reply


Comment by: max william

Do you need Finance?
Are you looking for Finance?
Are you looking for a money to enlarge your business?
We help individuals and companies to obtain loan for business
expanding and to setup a new business ranging any amount. Get a loan at affordable interest rate of 3%, Do you need this cash/loan for business and to clear your bills? Then send us an email now for more information contact us now via Email:maxcreditfinance@googlemail.com

reply


Comment by: fastloanoffer

After a few times a victim of a loan scam
money between

People who have finally found a person of good heart so that I He gave a loan I wanted for years and thanks to him I was able to make its I pay my dreams arrears. In 72 hours it was already submarine in my account. What God Thank you and I suggest to all your financial problems He left her Send by e-mail, contact him and he will help you. I swear you can enjoy 100/100 Thank you for understanding. Email (fastloanoffer34@gmail.com)

reply


Comment by: jubrin023


Do you need a loan?
Does your firm, company or industry need financial assistance?
Do you need finance to start your business?
Do you need personal loan?
Loan for your home improvements
Mortgage loan
Debt consolidation loan
Commercial loan
Education loan
Car loan
Loan for assets.
Contact us today with for your loan request. clemalphafinance@gmail.com
Phone number: +91-9818603391 (Call/Whats app)
Dr. Clem Alpha

reply


Comment by: Abdullah

DO YOU NEED A LOAN?
We give out loans with an affordable interest rate of 3%
Captain One provide Excellent and Professional Financial Services and we are known and genuine money lenders across the globe
Our services include the following:
*Student Loans
Truck Loan
Personal Loan
Debt consolidation loan
Car Loans
Business Loan
Student Loan
Mortgage Loan
Refinancing Loan
Home Loan
Improvement loan
Construction Loan
Please write back if interested with our interest rate:Kindly contact us via:abdullahonlinefinance@gmail.com

reply


Comment by: wilaiam Aila

Are you a business man or woman? Are you in a financial mess or do You need funds to start your own business? Need to pay loans Their Debt or pay off your bills or start a nice business? Do you have a low credit score and you will find it hard to get Capital loan from local banks / other financial institutions? You need one Loan or funding for any reason such as:Email: inforamzanloan@gmail.com

*Personal Loans
*Commercial Loans
*Investments Loans
*Development Loans
*Consolidation Loans
*Student Loans
*Car Loans
*Mortgage Loans
*Acquisition Loans
*Construction loans

We offer loan at low interest rate of 3% and with collateral and not Collateral, we offer personal loans, debt consolidation loans, venture capital Capital, business loan, education loan, mortgage or Loans for any reason".

However, our method offers the possibility to specify the amount of the loan needed and also the duration you can afford it, gives you a real Chance get the funds you need!

Contact us via E-mail: inforamzanloan@gmail.com

reply


Comment by: Mike Morgan

Good day Sir/Madam,

This message is to inform you that MIKE MORGAN LOAN FINANCIER offer all types of L0ANS @ 3% annual rate. Are you in need of financing of any type? Business, Mortgage, Personal etc. Any interested Applicants should get back to US VIA
EMAIL: muthooth.finance@gmail.com
Call or add us on what's App +91-7428831341

reply


Comment by: jubrin023

Do you need Personal Loan?
Business Cash Loan?
Unsecured Loan
Fast and Simple Loan?
Quick Application Process?
Approvals within 24-72 Hours?
No Hidden Fees Loan?
Funding in less than 1 Week?
Get unsecured working capital?
Contact Us At : clemalphafinance@gmail.com
Phone number :+91-9818603391 (Whatsapp Only)

LOAN SERVICES AVAILABLE INCLUDE:
================================
*Commercial Loans.
*Personal Loans.
*Business Loans.
*Investments Loans.
*Development Loans.
*Acquisition Loans .
*Construction loans.
*Credit Card Clearance Loan
*Debt Consolidation Loan
*Business Loans And many More:

LOAN APPLICATION FORM:
=================
Full Name:................
Loan Amount Needed:.
Purpose of loan:.......
Loan Duration:..
Gender:.............
Marital status:....
Location:..........
Home Address:..
City:............
Country:......
Phone:..........
Mobile / Cell:....
Occupation:......
Monthly Income:....

Contact Us At clemalphafinance@gmail.com
Phone number :+91-9818603391 (Whatsapp Only)

reply


Comment by: Mike Morgan

Good day Sir/Madam,

This message is to inform you that MIKE MORGAN LOAN FINANCIER offer all types of L0ANS @ 3% annual rate. Are you in need of financing of any type? Business, Mortgage, Personal etc. Any interested Applicants should get back to US VIA
EMAIL: muthooth.finance@gmail.com
Call or add us on what's App +91-7428831341

reply


Comment

your name*

email address*

comments*
You may use these HTML tags:<p> <u> <i> <b> <strong> <del> <code> <hr> <em> <ul> <li> <ol> <span> <div>

verification code*
 







MOST VISITED
YOU MAY LIKE

TOPIC CLOUD

TAGS CLOUD

ARCHIVE


Copyright © 2016-2017







NEWS LETTER