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Finance Ministry ‘respects’ autonomy of RBI

SNS | New Delhi |

Rubbishing reports claiming infringement of autonomy in the Reserve Bank of India functioning by the government, the Finance Ministry on Saturday said it respects the autonomy and independence of the Central Bank.

"It is categorically stated that the government fully respects the independence and autonomy of the Reserve Bank of India (RBI)," the Finance Ministry said in a statement.

The ministry asserted that the consultations between the Centre and the RBI were held on various matters of public importance wherever such consultation is mandated by law or has evolved as practice.

“Consultations mandated by law or as evolved by practice should not be taken as infringement of autonomy of RBI,” the ministry said in a statement.

The Finance Ministry's reaction comes after some unions alleged infringement of the autonomy of the RBI by the Centre.

The RBI employees on Friday had shot off a letter to RBI Governor Urjit Patel, expressing concern over alleged interference by the Union government.