Cong, BJP spar over RBI's decision to transfer Rs 1.76 lakh crore to govt

The RBI's decision to transfer Rs 1.76 lakh crore of its surplus reserves to the government triggered a political storm on Tuesday with the Congress accusing the government of "stealing" the central bank's money to hide its economic failures and the BJP hitting back, saying looting is the Congress' "expertise".

Asserting that the decision to take such a huge amount from the RBI reserves will have "catastrophic" consequences, the Congress alleged that the government was pushing the economy towards bankruptcy and an economic emergency. The BJP countered these charges, saying the money is being used for national interest.

The opposition party's stinging criticism came a day after the Reserve Bank of India approved the transfer of a record Rs 1.76 lakh crore dividend and surplus reserves to the government to provide fresh impetus to the economy without widening fiscal deficit.

Reacting sharply to the RBI's decision, the Congress said on its Twitter handle "when you strip the RBI of its reserves you're leaving the Reserve Bank vulnerable to a series of disasters. The contingency fund is for emergency situations, not to cover up for the govt's economic failures."
Attacking Gandhi, BJP spokesperson GVL Narasimha Rao said,"Rahul Gandhi is obsessed with stealing. That is where his expertise lies and this was visible during the tenure of the Congress-led UPA government. Therefore, many Congress leaders are mired in corruption scandals and the Congress has become synonymous with corruption."
Making a reference to former RBI governor Urjit Patel and deputy governor Viral Acharya to make his point, Jairam Ramesh said they held the fort and "they were forced to leave. The fort was breached."
Speaking to reporters in Hyderabad, the All India Majlis-e-Ittehad-ul-Muslimeen (AIMIM) chief Asaduddin Owaisi claimed that "the Modi government is the first government which is taking 99.99 per cent of RBI's profit. Earlier, governments used to take 50 per cent."