In the wake of RBI’s decision to transfer Rs 1.76 lakh crore to the government as per the recommendations of the Bimal Jalan-led committee; and Modi Government’s the decision to merge 10 Public Sector Banks to carve out for large banks, a public debate titled ‘RBI’s Reserve Fund Transfer & Banks Mergers: A Loot or Boost?’ was organised by Financial Accountability Network India, a collective of civil society organisations, unions, people’s movements, students, teachers and concerned citizens to highlight the issues of accountability and transparency of the national financial institutions.
The meeting was addressed by Sitaram Yechury, General Secretary, CPI(M); Prof Jayati Ghosh, Centre For Economic Studies and Planning, JNU; Prof C P Chandrasekhar, Centre For Economic Studies and Planning, JNU; Paranjoy Guha Thakurta, Senior Journalist and author; Dr Thomas Franco, Former General Secretary, All India Bank Officers’ Confederation; VK Tomar, Secretary-General, National Confederation of Officers’ Associations of Central PSUs; and Purushottam Sharma, CPI (ML).
Speaking on the occasion, Sitaram Yechury, General Secretary of the Communist Party of India (Marxist), said, “The transfer of RBI’s surplus to the government destabilises the RBI, makes India vulnerable in an on-going global and domestic recession.” On the government’s decision to merge 10 banks, Yechury said, “This was done at the behest of corporates, who have been demanding this to deal with one bank than the consortium of banks for the loans.” He stressed that the CPI(M) will oppose these decisions with all its might.