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RBI acts as seat belt for Govt; protects it in case of accident: Rajan (Lead)
New Delhi, Nov 6 (IANS) Former RBI Governor Raghuram Rajan described the apex bank as a “seat belt” for the Central government which is in the driver’s seat, protecting the government against any “accident”.
Speaking to business news channel CNBC-TV18, Rajan said that historically governments have wanted to focus on economic growth but have had to do so within the limits set by the Reserve Bank of India, based on the country’s financial stability.
“The RBI is something like a seat belt… the driver being the government,” he said, adding if you do not put on your seat belt you may get into an accident which could quite severe,” he said.
“So most drivers listen to that annoying beep when you do not put on your seat belt. And then they put it on because they know it’s for their own good.”
The former governor further said: “When we said ‘no’ (to any proposal), the government understood that. We have responsibility for financial stability and therefore we have an authority to say ‘no’.”
His statement assumes significance amid recent signs of a rift between the government and the bank. RBI Deputy Governor Viral Acharya in October during a speech hinted at government interference in the bank’s functioning when he said the government might face markets’ wrath if it was seen eroding the central bank’s independence.
He noted that although the apex bank listened to all the proposals forwarded by the the government, it made decisions based on national interests.
“It has a responsibility to fulfil. It has to listen, of course, but at the end, it has to make a decision because ultimately it has that responsibility,” Rajan said.
He said the central bank after listening to all the proposals and issues of the government, gives its best “professional” reply.
On reports that the government might have imposed Section 7 of the RBI Act curtailing its autonomy, he said it is unlikely that any such step has been taken, suggesting that both the government and the RBI should respect each other’s motivation and thoughts.
“I think certainly it would be best if both sides respected each other’s motivation and thoughts… the RBI after listening to the government has provided the best professional answer… and historically it has done that,” he said.
“I have no doubt it is doing that today.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.