Any contentious matter can be solved through discussion, says RBI Governor

Reserve Bank of India,Narendra Modi,Urjit Patel

Within an hour Shaktikanta Das took charge as RBI Governor on Wednesday, BJP MP Subramanian Swamy alleged that newly appointed RBI Governor was involved in corrupt activities. "To begin with, I have convened a meeting with MDs and CEOs of public sector banks tomorrow, who are based in Mumbai".

"Even if we accept RBI's autonomy, it is the responsibility of the central bank to support the vision of the government. So there has to be a free, fair, objective and very frank discussion between the government and the Reserve Bank of India", Das said.

Mr Das gave his best wishes to former Governor Urjit Patel for his future endeavours. He also asserted that the public centre banks are going to be on the top of his priority list.

On queries regarding the relationship between the central bank and the government, he said, "We have to have stakeholder consultation with everybody. RBI is also an autonomous body, but does that mean that RBI will be taking 100 per cent policy decisions on its own?" he asked. "I will like to believe that all issues, howsoever contentious, can be resolved through discussions".

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"The other important decision for Das and the board is to fix the specific terms of reference for the committee that would look into RBI's economic capital - whether the committee would be required to look into the scope of transferring RBI's existing reserves to the government, or simply be confined to the issue of transferring the quantum of surplus to contingency reserves before declaring dividend to the government". "I will try and uphold the professionalism, core values, credibility and autonomy of Reserve Bank as an institution", he said. "It is not as if these areas did not receive any attention, all these aspects have been receiving focus, but it is a continuing exercise on the part of the central bank and therefore we will continue to focus on these areas", the governor said. He also claimed that it is only the banking segment that is facing several challenges now that need to be solved as soon as possible.

He has served as the Joint Secretary, Ministry of Finance, Department of Expenditure, Government of India; Special Commissioner and Commissioner of Revenue Administration, Government of Tamil Nadu; Secretary, Industries Department in Government of Tamil Nadu and Secretary of the Industries Department of Government of Tamil Nadu.

Das said, "There are a number of issues ahead".

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