INSUBCONTINENT EXCLUSIVE:
Institutions like RBI are no longer independent, said Mr Venkatachalam.CHENNAI: Although the All India Bank Employees' Association (AIBEA)
had earlier demanded RBI Governor Urjit Patel's resignation, his calling it quits on Monday has left the banking body shocked and disturbed
and it has termed it a "dangerous trend"
"The resignation of RBI Governor Urjit Patel is quite shocking and disturbing
The reasons for his resignation are obvious and signals a dangerous trend that institutions like RBI are no longer independent," AIBEA
General Secretary CH Venkatachalam said
Venkatachalam said at a time when there is a need for a stronger and independent RBI, this vital institution is being intimidated by the
central government.The government is bent on weakening the RBI and making it pliable to meet its own political needs, he said.When cited
AIBEA's earlier demand that Patel should quit, Venkatachalam told IANS: "We had demanded his resignation over inaction on Nirav Modi issue
It is an attempt to weaken the RBI."In February, Venkatachalam demanded Patel's resignation owning up moral responsibility for the massive
$1.8 billion Punjab National Bank scam/fraud allegedly committed by diamond retailer."The continued silence of the RBI Governor with regard
to the scam/fraud in PNB is surprising and astounding
It indicates the deep involvement and failure of RBI in non-monitoring the Nostro account of PNB," Venkatachalam had told IANS then.(: After
Urjit Patel's Shock Exit, RBI Denies Reports On No
2 Viral Acharya)In April, the AIBEA had aggain demanded Patel's resignation, charging that the central bank was grossly negligent on several
issues, including the cashless ATMs across the country.In a statement at the time, Venkatachalam had said: "RBI has increasingly become
irrelevant because they are becoming an appendage of the government, not enforcing their independent powers.(: "RBI Doesn't Rely On Anyone
Specific", Says Niti Aayog On Urjit Patel's Exit)"In issue after issue, RBI is found wanting
It is high time that the present RBI Governor owns up and resigns or he should be removed
RBI is grossly negligent."For the latest News Live Updates on Election Results from each assembly constituency in Madhya Pradesh,
Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.
