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He said the government and the RBI were heading for a "confrontation".
Before the RBI council meeting, Congress President P Chidambaram said Sunday that the central government was determined to "capture" the bank in order to take control of its 9 lakhs crore reserves.
In a series of tweets, the former finance minister also claimed that the government and the Reserve Bank of India (RBI) were heading for a "clash" at the bank's board meeting on Monday.
"The government is determined to" capture "the RBIs to take control of the reserves.The other so-called disagreements are just a smokescreen," he said on the microblogging Twitter site.
A senior congressional official said: "The central bank is nowhere in the world a board-run business.To suggest that private businessmen head the governor is an absurd idea . "
"November 19 will be a day of taking into account the independence of the central bank and the Indian economy," he tweeted.
The RBI has a massive reserve of 9.59 million rupees and the government wants, according to the information gathered, to ask the central bank to separate from the third of the fund – a problem which, together with the relaxation of the standards applicable to them has led both to disagree in recent weeks.
On November 9, the government said it was discussing the "appropriate" size of the capital reserves that the central bank must maintain, but denied having sought a massive capital transfer from the RBI. The Secretary of State for Economic Affairs, Subhash Chandra Garg, also clarified that the government was not in urgent need of funds and that there was no proposal to ask the the RBI to transfer 3.6 million rupees in rupees.
"There is no proposal to ask RBI to transfer (Rs) 3.6 or (Rs) 1 lakh crore, as speculated," he said. "The government's budget deficit for the 2013-2014 fiscal year was 5.1%, and from 2014-2015, the government managed to reduce it considerably." We will close the 2018-2019 fiscal year with a FD of 3.3% The government has effectively waived (Rs) 70 000 crore of budgeted market borrowing this year. "
Garg said the only proposal "under discussion is to set an appropriate economic capital framework for the RBI".
The economic capital framework refers to the venture capital required by the central bank while taking into account different risks.
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