All Indians should be concerned, says former RBI Governor Raghuram Rajan on Urjit's resignation
New Delhi, Dec 10: With RBI Governor Urjit Patel putting in his papers, his immediate predecessor Raghuram Rajan Monday said "all Indians" should be concerned as strength of institutions is important for growth and development.
Patel, who faced the possibility of an unprecedented action from the government over differences on a variety of issues, resigned from his job, citing personal reasons.
"I think Dr Patel has made a statement and I think this is the ultimate statement that a regulator or a civil servant can make. I think the statement should be respected," Rajan told news channel ET Now.
"We should" go into the details as to why there was impasse, which forced this ultimate decision, he noted.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan, who completed his three-year term as RBI Governor in September 2016.
With regard to powers of the RBI Board, Rajan said there is "an extreme" change in the nature of the governance of the Reserve Bank of India for the "board to become an operational board, that is to make operational decisions".
During his tenure, Rajan had differences with the government and did not get an extension.
Earlier, the board was an advisory and the professionals from the central bank took decisions, Rajan said, apparently referring to recent appointments of RSS ideologue S Gurumurthy and cooperative banking sector expert S K Marathe to the board.
"I think, the move towards giving the board more operational authority would impinge on the professional management to regulate and supervise (the bank)... and if that is to be the case then the board should be composed of professionals, as opposed to the larger public," Rajan opined.
Patel's resignation was being speculated right from the time the government cited a never-before-used provision of the RBI Act to get him to consider its views on relaxing lending norms for segments such as small and medium enterprises, appropriate size of reserves the central bank must maintain and easing norms for weak banks.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
CM Siddaramaiah echoes Rahul’s views on ‘electoral fraud’, ‘voter list manipulation’
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah has echoed Congress leader Rahul Gandhi’s allegations of large-scale electoral misconduct by the BJP, accusing the ruling party at the Centre of manipulating voter lists and undermining democratic institutions, including the Election Commission of India.
In an interview with PTI Videos, Siddaramaiah said Rahul Gandhi was telling the truth when he alleged that genuine voters were being removed from electoral rolls while fake names were being added.
"Such things have happened in Maharashtra, Haryana, and Karnataka," he claimed and expressed his apprehension, "they are planning to do it in Bihar also".
The Chief Minister accused the BJP of mischief and alleged that this manipulation was happening across the country.
He came down heavily on the Election Commission, saying it is no longer functioning as an independent constitutional body.
"The Election Commission is working under the direction of the central government. It’s not independent. Election Commission has to function independently and fairly, but it is not doing so," the Chief Minister said.
Declaring that democracy is under threat, Siddaramaiah announced that the Congress would launch a nationwide campaign to expose these alleged irregularities and demand reforms to protect the integrity of the electoral process.
Siddaramaiah also reiterated the importance of conducting a nationwide caste census.
"Every state should start conducting the caste census. It should be socio-economic, educational, employment-based, and political. Because everybody should know, after independence, what is the status of an individual — economically, politically — and whether independence has reached everyone or not, whether equality has come or not," CM has insisted.
The purpose of the Constitution is to bring about change and remove inequality, he underlined.
He also clarified that he is not the convenor of the OBC advisory committee but only a member under Anil Jaihind’s leadership.
Regarding Karnataka’s own caste census, he said that authorities have been given a three-month time to complete the process and expressed hope that they will meet the deadline.
Regarding the alleged site allotment scam in Mysuru Urban Development Authority (MUDA), Siddaramaiah said, "It is a false case. They torture me, my wife, and my family unnecessarily. Though this does not come under the PMLA Act — there is no money laundering — unnecessarily, they harassed me and my family," he complained.
Welcoming the Supreme Court’s strong remarks, CM said, "It looks like the court has rightly said that if you want to do politics, do it in elections, not here. Not in this case, not through the ED. This is the warning of the Chief Justice of the Supreme Court to the BJP," Siddaramaiah said.
Speaking on the June 4 stadium stampede that killed 11 people, Siddaramaiah said the Cabinet has accepted the enquiry report submitted by retired High Court judge Justice Michael D’Cunha.
"Criminal cases have already been registered against the officials of Karnataka State Cricket Association (KSCA), Royal Challengers Bangalore (RCB) and DNA (the event management agency), apart from police personnel," he said.
"Additionally, an inquiry will be conducted against the police officers concerned," he added.
