Congress, CPI(M) Hit Out at Govt For Dipping into RBI Surplus Funds

New Delhi: The RBI’s move to transfer surlplus funds of Rs 1.76 lak crore to the government has kicked up a political storm.

Congress leader Rahul Gandhi on Tuesday hit out at the government over the record cash transfer by the Reserve Bank of India (RBI), saying the prime minister and the finance minister are "clueless" about solving the "self-created economic disaster" and accused them of "stealing money" from the Bank.

He said the move was like stealing a band-aid from the dispensary and sticking it on a gunshot wound.

Gandhi's reaction came after the RBI allowed the government to take Rs 1.76 lakh crore from its reserves to provide a fresh impetus to the economy.

"PM and FM are clueless about how to solve their self-created economic disaster," he charged on Twitter.

"Stealing from RBI won't work - it's like stealing a Band-Aid from the dispensary and sticking it on a gunshot wound," he said, using the hashtag "#RBILooted".

In a separate tweet, Congress chief spokesperson Randeep Surjewala wondered whether the move was "fiscal prudence or fiscal hara-kiri".

He also wondered if it was coincidence that the Rs 1.76 lakh crore borrowed by the RBI matches with the "missing amount" in the budget calculations.

"Is it a sheer coincidence that the Rs 1.76 Lakh Crore borrowed by RBI matches with the 'Missing' amount in the Budget Calculations," he asked.

"Is this fiscal prudence or fiscal hara-kiri? Will this Rs 1.76 Lakh Crore be used to save BJP's crony friends,"he also asked.

The Congress leader attached a media report on "the mystery of the 'missing' Rs 1.7 Lakh Crore in India's budget".

In another tweet, Surjewala charged that Modi 2.0 has converted the 'R' in RBI from 'Reserve' to 'Ravaged'!

"Contingency Reserve of RBI meant for extreme financial emergencies & war-like situations is being used by BJP Govt to bury its monumental mess on economic front! BJP has finished RBI's credibility!," he further charged.

His party colleague and spokesperson Sanjay Jha said in a tweet, "Robbed Bank of India: RBI."

Govt Appropriated 99% RBI's Profits Since 2014: Yechury

Communist Party of India (Marxist) general secretary Sitaram Yechury hit out at the Centre on Tuesday over the record cash transfer by the RBI, alleging that the government had "appropriated" 99% of the profits of India's central banking institution since 2014.

"Since 2014 Modi government has appropriated 99% of RBI's profits every year to fund its propaganda campaigns. It has now siphoned off Rs 1.76 lakh crores ostensibly to recapitalise banks which have been looted by Modi's cronies.

"The health of our leading Navaratnas in the public sector is badly damaged by both, falling demand and because of the financial burden imposed on them by the govt. siphoning off huge dividends. All sections, farmers, workers, MSMEs, youth and women workers have been hurt badly," Yechury said in a tweet.

"The economy and people's livelihoods have never been assaulted so mercilessly as under this government," the CPI(M) leader said.