Randhawa raises questions over RBI record surplus transfer

Chandigarh: Senior Congress leader and Gurdaspur MP Sukhjinder Singh Randhawa has raised serious questions over the Reserve Bank of India's (RBI) record surplus transfer of ₹2.87 lakh crore to the central govt.Randhawa said that if the country's economy is genuinely strong, then the govt's growing dependence on RBI surplus is a matter of concern. He stated that this is the largest dividend transfer in India's history and raises several questions about the actual state of the economy. He alleged that instead of strengthening tax collection and economic management, the central govt is relying on RBI surplus and increasing debt to manage financial pressure.Randhawa questioned why common people are still struggling with inflation, unemployment and economic hardship despite the govt receiving a record surplus amount. The Congress MP explained that RBI's surplus transfer is based on its income from foreign exchange reserves, bond investments and currency management operations. He said the RBI first keeps a contingency reserve for itself and then transfers the remaining amount to the central govt. He further expressed concern that repeated large-scale surplus transfers could affect RBI's future financial safety buffer.Targeting the Bhagwant Mann-led Punjab govt as well, Randhawa said that the state too is continuously taking loans to manage financial pressure. He alleged that Aam Aadmi Party govt is increasingly depending on borrowings and temporary financial resources instead of long-term economic reforms. MSID: 131279643 413 |