RBI’s help to central government after Urjit Patel’s resignation from the bank
— 2016-17 :- 30,659 Crore..
— 2017-18 :- 50,000 crore..
— 2018-19. :- 65,896 Crore..
— 2019-20. :- 57,128 Crore..
— 2020-21 :- 99,122 crore..
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The second alarm bell rang well!
I am Vijay Ghorpade economic policy consultant!..I am neither anti-BJP nor blind devotee, I am neither Congress nor secular, I am a common citizen of India. I understand the intricacies of economic policy.
So this is a little bit elaborate analysis.so that it can be understood by all common citizens and let’s understand from previous example how we can overcome our financial bankruptcy..
What will happen to the country and the country’s economy if the banks, the Reserve Bank and the government are running away from their first and basic responsibility today?
Today, this declining economy has left the country in such a dire situation that the Reserve Bank of India, which is called the savior of this country’s economy, is also becoming poor.
And this is definitely the second alarm bell. I mentioned the first alarm bell in an earlier post.
Today, in the overall uproar of religion, Hindu Rashtra, Hindu-Muslim conflict, culture, identity, politicians are deliberately ignoring the economic condition, but the citizens are not ready to look at this red light of the economy.
Today, the state of RBI is such that, if any bank is financially sinking, RBI cannot help it financially as its duty and cannot provide any financial relief to the account holders-depositors.
That is why two banks are being privatized today. Today the country is experiencing inflation at the rate of half-one per cent every day and despite the onus on the RBI and the government to curb it, they are doing nothing.
That is why it is the primary duty of every citizen to understand the economics and economy of our country today. Because we are all nationalists and patriots. When people deposit their hard and rightful money in banks it is for security and growth!
And the constitutional assumption behind this is that when the money of the entire country accumulates with RBI in various ways, its appropriation should be purely for the benefit of the country and the people. Also, the overall transaction of banks – RBI and other financial institutions should be for the benefit of the people. .But today these guidelines are not followed.
The government – Parliament is ignoring this. In the last eight years, only 30 to 35 percent of the massive loans given to corporates, companies, industrialists have been returned. The rest of the people are living happily on 60 percent of the people.
What kind of economy is this? Has the government tightened its policy grip on these institutions in such a way that the government says that the money flow of these banks should go there? And so,” money flows, the time has come that RBI’s profit fund has also come down to a large extent as expected.
At present, the total surplus money (profit) of RBI is completely taken away by the government. This year, the government calculated that it would get at least 74 thousand crores. But the total profit of RBI became 30 thousand 307 crores. The government got the same amount of money. Last year, the government got 99 thousand crores. And in 2018-19 (Lok Sabha election period), this government took 1 lakh 65 thousand crores from RBI.
And today RBI has come to 30 thousand crores. It means that not only the banks of the country but also RBI is on the path of poverty….and this is not an alarm bell? .
A common citizen will not ask the question why and how this happened. Because today he is absorbed in theology and not in the economics of the country. He may not even know that before 2014, no government has ever taken the entire ‘surplus money’ – total profit – of RBI. Government has taken some share as dividend…
In 2018, when Urjit Patel was the governor of RBI, the Modi government demanded all the profit money from the bank.
Then the government formed a 6-member committee under the chairmanship of former RBI governor Vimal Jalan and it paved the way for the government. Until then, maximum amount of 50 / 55 thousand crores was being taken from RBI as dividend.
During the liberation struggle of Bangladesh, the then late Prime Minister Mrs. Gandhi asked the RBI for 70 thousand crores instead of 50. But the bank flatly refused to give it and the government accepted it. 323 to 27 changed the law for companies etc.
In the last 3 to 5 years, 50 thousand companies went bankrupt. Bank loans were lost and 70 thousand new companies were raised with new loans! This is the economics of this government!
Today, if the RBI does not accumulate even 74 thousand crores of profit as expected by the government, and if the government takes whatever happens, then who will save the failing banks? 1) Lakshmi – Vilas, 2) S Bank, 3) DHLF. You must remember other banks! Among them, Lakshmi-Vilas was sold to a Singapore bank. The condition of the other two banks is still very bad and now the other two banks are being privatized.
Whether Qutub Minar is a “Vishnu pillar” or not, or “Shivlinga” in the world of knowledge, rather than understanding whether this economic policy of the government has brought the country?
The constitutional rule says that if inflation continues to rise for four consecutive months, the government has to answer the RBI directly! And RBI also has to answer it properly.
But even though the inflation index has been continuously increasing for the last 6 months, the government neither asked for an answer nor RBI gave an explanation. In fact, there should be a discussion on this in the parliament, but this government did not do it.
Today’s board of directors of RBI is appointed by the government, who will be prosecuted? Action was taken against Urjit Patel for going against the government! Who will go against the government when such a glaring example is in front of them?…
On the contrary, this government-appointed board has brought RBI to this state by supporting this government.
Former Prime Minister Dr. Comparing Manmohan Singh’s eight-year period from 2006 to 2014 and Modi’s eight-year period from 2014 to 2022 reveals the fact that during Dr. Singh’s tenure, the government took only Rs. 5 lakh 74 thousand 976 crore rupees!, means 5 times more!…
This is called “systemic corruption!” You decide who has really made RBI poor!
