Government respects independence, autonomy of RBI: FinMin

January 14, 2017 18:00

Refuting allegations of interference by an Reserve Bank of India union, the finance ministry today said the government fully respects independence and autonomy of the central bank.

"Consultations between the government and the RBI are undertaken on various matters of public importance wherever such consultation is mandated by law or has evolved as a practice. Consultations mandated by law or as evolved by practice should not be taken as infringement of autonomy of RBI," the ministry said in a statement.

The United Forum of Reserve Bank Officers and Employees in a letter to RBI Governor Urjit Patel had said employees were feeling "humiliated" by events since demonetisation and alleged that the government has been impinging on the central bank's autonomy by appointing an official for currency coordination.

"It is categorically stated that the government fully respects independence and autonomy of the Reserve Bank of India," the finance ministry said.

« Back to LIVE

TOP STORIES

'I Don't Know What I Am Going To Do'

The political heat in West Bengal has been giving the rising mercury levels serious competition since the high court order.

Impact Player creates a lot of confusion: Axar

'Every team is looking to play either a pure batter or a pure bowler as the Impact Player, and the all-rounders are not being used.'

Quality Control Orders: What does this mean for domestic industry?

From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there...

Why Pant Apologised To IPL Cameraman

Rishabh Pant was at his aggressive best as he hammered GT bowlers during his knock of an unbeaten 88.

Rahul, Hema in fray as 89 seats go to polls in 2nd phase

In the second phase of Lok Sabha polls on Friday, polling is scheduled in all 20 seats of Kerala, 14 of the 28 seats in Karnataka, 13 seats in Rajasthan, eight seats each in Maharashtra and Uttar Pradesh, seven in Madhya Pradesh, five...