RBI's present fund transfer grossly inadequate, says Piyush Goyal

Does the RBI ever foresee a position where they will intervene and the rupee will ever become Rs 50 to a dollar, said Goyal

Commerce minister Piyush Goyal on Friday said the Reserve Bank of India’s (RBI) decision to transfer only Rs 52,637 crore from its excess reserves is “grossly inadequate” given the central bank’s huge buffers, and more should have had been done to boost growth.

He also took a jibe at Congress leader Rahul Gandhi’s criticism on the transfer being akin to “stealing”, saying there is no point debating with “uninformed and uneducated” people.

“Personally, this is grossly inadequate, the RBI is sitting on a large amount of unproductive capital which it is not using, it is lying in the reserves of foreign banks