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Centre vs RBI: Raghuram Rajan story is being repeated, says Chidambaram

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New Delhi, Nov 3: Former Union Minister P Chidambaram has claimed the Raghuram Rajan story is being repeated as Prime Minister Narendra Modi is trying to remove RBI Governor Urjit Patel from his post because the Swadeshi Jagran Manch (SJM) wants Patel to exit from the office.

Chidambaram

Taking to twitter he wrote "Swadeshi Jagran Manch wants Urjit Patel out. That means the Modi government wants him to go. It is a repeat of the Raghuram Rajan story."

Chidambaram's barb has come amid the conflict between the government and the central bank over regulations and reserves. The government wants the RBI to go easy on restrictions on weak banks, while the regulator wants to continue with its policies.

RBI vs Govt: What is Section 7 and why has it taken centrestage

The fight between the government and the RBI came to light when some media reports claimed that the government has invoked its special powers to issue consultations on several issues. The government was said to have invoked Section 7 of the RBI Act.

Acharya, in a speech recently, had said that the governments that undermine the independence of the central bank suffers wrath of the markets.

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