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3600000000000 - Modi needs this much from RBI to fix the mess he created: Rahul

Tuesday November 6, 2018 8:11 PM, ummid.com News Network

RBI Govt Rift

New Delhi: In a wield reference to Modi counting "zeroes" in his speeches while campaigning in the run up to the 2014 Lok Sabha polls while referring 2G scam, Congress President on Tuesday said the Prime Minister needed Rs. 3600000000000 from the Reserve Bank of Inda (RBI) to fix the mess he created.

"Rs 36,00,00,00,00,000 That’s how much the PM needs from the RBI to fix the mess his genius economic theories have created", Rahul Gandhi tweeted on Tuesday.

"Stand up to him Mr Patel. Protect the nation", Gandhi added, addressing to RBI Governor Urjit Patel.

Rahul Gandhi's decision to chose so many zeroes to describe 3.6 lakh crore rupees seemingly has a wield reference to "760000000000" - the figure that had hit media headlines back in 2011-12 describing 2G Telecom scam. A Special CBI Court later ruled that there was no scam actually, and acquitted all accused in the case.

Nonetheless, Prime Minister Modi while campaiging for BJP during the 2014 General Elections had repeatedly used the zeroes in the figure to score points over UPA and highlight corruption.

Rahul Gandhi's tweet was in response to media reports which claimed that Union Finance Ministry had asked the Reserve Bank of India (RBI) to transfer a surplus amount of Rs.3.6 lakh crore. The amount is more than a third of the total Rs.9.59 lakh crore reserves of the RBI.

According to the reports, the Finance ministry had suggested that this surplus can be jointly managed by the Central Bank and the government. The Finance Ministry further claimed that current economic capital framework, which administers RBI’s capital requirements and terms for the transfer of its reserves to the government, is based "on very conservative assessment of risk" by the country's central bank.

The RBI refused to accept the proposed changes saying any dip into its reserves can drastically impact macro-economic stability.

The government's proposal to RBI came to the light amidst reports that following the rift between the RBI and the Modi government, RBI Governor Urjit Patel is contemplating to resign from his post.

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