 "Y V Reddy")
Former Reserve Bank of India (RBI) governor Y V Reddy sharply criticised the government for intervening in the central bank’s affairs and asking money from the past reserves.
In a speech delivered at Pune on Friday, Reddy, who was also chairman of the 14th Finance Commission, endorsed critics stating that the “automatic monetisation of pre-reform period” is being replaced with “coercive monetisation of fiscal needs”.
In the Kale Memorial Lecture, delivered at Gokhale Institute of Politics and Economics, Reddy said that by taking recourse to unprecedented practice of interim dividend, the government has compromised on the established mechanism of “ways and means”,
