Reserve Bank of India

Bank of last resort

Print edition : September 27, 2019

At the RBI headquarters in Mumbai. Photo: PTI

Finance Minister Nirmala Sitharaman with RBI Governor Shaktikanta Das during a post-Budget RBI board meeting in New Delhi on July 8. Photo: Kamal Narang

Former RBI Governor Urjit Patel, who had serious disagreement with the government on the extent of the government’s “rights” over the RBI’s reserves. Photo: Vivek Bendre

Former RBI Governor Bimal Jalan, who headed a committee that prescribed a new band as the benchmark for the Contigency Fund reserves. Photo: Kamal Narang

The RBI’s transfer of a huge surplus to the Union government does not augur well for it from an institutional standpoint and in the context of management of the economy.
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