Tuesday, August 9, 2022

ਵਾਹਿਗੁਰੂ

spot_img




Move to transfer 1,76,051 crores from RBI reserves a reflection on financial management of Modi Govt.: Amardeep Cheema

Chandigarh, Aug 27, 2019 (Yes Punjab News)

Amardeep Singh Cheema, General Secretary, Punjab Pradesh Congress Committee, has taken strong objection to the move of Govt of India to transfer of more than 1,76,000 Crores Rupees from the reserve funds of the Reserve Bank of India to Government of India terming this a bad Economics which will not be going to any productive use for masses except balancing the bad financial of NDA Government and this will end up just as mere filling the gap created by bad economic situation created in last 5 years.

The Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee recommendations and approved surplus transfer to the government. RBI board decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at its board meeting.

Mr. Cheema said the fears were raised almost a year back of transferring the precious reserves generated in the RBI by successive Government since its inception and these are reserves to leverage the position of Reserve Bank of India, the step mooted by Govt. of India is not in the right direction during the self created worst economic scenario in last 5 years, when the growth rate is down to 6.8% as per estimates of Economic Survey, Niti Aayog and RBI etc., which present a bleak future for the economy of the nation.

Mr. Cheema said the transfer of reserves on the recommendation of Jalan Committee set up by Govt. of India is a mechanism created to utilize the funds for hiding the flaws created in economy by Bad management, these reserves are source of economic strength for the large institution to tide over the crises of Bank of Bankers i.e Reserve Bank of India.

This is just a beginning of snatching the public wealth this will open flood gates for the usurping of the reserves of all public sector institutions created over the years this is like “selling the family silver for ill-planned and bad management”.

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

22,376FansLike
113,980FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Need for speed: The 5G promise, its enablers and roadblocks – by T.V. Ramachandran

The US Federal Communications Commission (FCC) recently proposed revising the definition of broadband to a minimum download speed of 100 mbps, and uploads at...

Civil services have to improve for better governance – by DC Pathak

There is a widely shared view that the All India Services, which provided the 'steel frame' of governance in a democratic India, granting Constitutional...

Will Pak Army Chief Bajwa or his successor reconcile ties with India? – by Rana Banerji

New Delhi, Aug 2, 2022- On July 25, the Supreme Court's three Judge bench headed by Chief Justice Omar Ata Bandial controversially struck down...

SPORTS

Health & Fitness

Low vitamin D could be behind chronic inflammation

Sydney, Aug 8, 2022- Researchers have found a direct link between low levels of vitamin D and high levels of inflammation. The findings, led by a team from University of South Australia, provides an important biomarker to identify people at higher risk of or severity of chronic illnesses with an inflammatory component. Inflammation is an essential part of the body's healing...

Gadgets & Tech

error: Content is protected !!