The Big Picture: RBI & Government

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The Big Picture: RBI & Government

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5 жыл бұрын

The government on Wednesday said the RBI's autonomy is "essential" and will be "nurtured", as it sought to calm investors worried by the central bank reportedly being forced to resolve differences with the Centre which has cited powers never used before. Finance Minister Arun Jaitley refused to be drawn into the row saying discussions and consultations with the RBI have never been disclosed publicly. The row was sparked off last week when RBI Deputy Governor Viral Acharya in a hard-hitting speech warned that undermining central bank's independence could be "potentially catastrophic", possible indication of the RBI being pushed to relax its policies ahead of general elections next year. Several media reports claimed the government has sent at least three letters on different issues under Section 7 of the RBI Act that gives it powers to issue any direction to the central bank governor on matters of public interest. The standoff was in relation to RBI's handling of weak public sector banks, tight liquidity in the market and ways of resolving bad loans in the power sector.
Anchor- Frank Rausan Pereira
Guest-
Nitin Desai, Former Chief Economic Advisor
Ashok Nag, Former Advisor, RBI
A. K. Bhattacharya, Editorial Director, Business Standard
R. Gopalan, Former Secretary, Ministry of Finance

Пікірлер: 125

@subhamgoenka 5 жыл бұрын

Someone tell the animals in times now and Republic, that this is how humans debate.

@sanketkpatel8140 5 жыл бұрын

Subham Goenka bhai this imo is not a debate.. this is a discussion.

@namangoyal4021 5 жыл бұрын

It happens on each and every channel nowadays.

@beenadwivedi1730 5 жыл бұрын

🤣🤣

@Wonderfullchase 5 жыл бұрын

Omg. Ikr. 😂😂😂

@koushikworldian9239 5 жыл бұрын

But animals listen to none other than their masters (here their funding politicians )

@vijaythyagan6848 5 жыл бұрын

Based on current status, anybody would have made a program with title 'RBI vs Govt.' but only RSTV can make 'RBI & Govt.' there by giving solution too to the problem (work together) 🤝

@beenadwivedi1730 5 жыл бұрын

Vijay Thyagan Great observance and henceforth,analysis.

@kamleshbharti1042 5 жыл бұрын

Great observation really Vijay

@shehnaz53 5 жыл бұрын

Good observation

@vatsalnaik6046 5 жыл бұрын

great observation. I must say

@lifewarriorarmy 5 жыл бұрын

Right Observation 👍🏻👍🏻👍🏻

@syamkrishna5675 5 жыл бұрын

How many of you are for here UPSC IAS??

@ashusingh114 5 жыл бұрын

Not for UPSC...but for RBI Grade B

@thegoat3969 5 жыл бұрын

I'm here for upsc

@Ali-rs7pd 5 жыл бұрын

yeah..

@swatantrapandey8841 5 жыл бұрын

For upsc

@gamerbhai1802 5 жыл бұрын

🤗

@Ashhhutosh 5 жыл бұрын

This is the level of panelists we the future Administrators of India wants. And, tackling this situation as a joint family is the idea which can result in solution of this scenario.

@lucygranger7679 5 жыл бұрын

frank really has a great skill to manage debate and take out valuable analysis from all penalists within this short timespan👍👍

@christych6245 5 жыл бұрын

Section 7 (1) Of The RBI Act, 1934 - "The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest " Section 7 empowers the government to issue directions to the RBI This section has never been used in till now The gov considers giving directions to RBI under Section 7 Gov is the owner of the RBI. Profits of the RBI belong to the Gov Section 7 has 2 parts 1) Consultation 2) Giving Directions the Allahabad High Court was hearing a petition from power companies who challenged stringent non-performing assets (NPA) norms notified by the RBI in February (Popularly known as the February 12 circular) Allahabad High Court Verdict - The government can issue directions to the RBI on regulatory and policy matters under section 7 The Deputy Governor Viral Acharya warned against encroaching on RBI autonomy The language of Viral Acharya’s speech was uncalled for The RBI Deputy Governor could have used a more nuanced language to communicate issues with government The RBI regulates the entire finance system.. The Gov wants the RBI to relax lending restrictions by weak banks (The bone of contention) The gov wants the RBI to open a special liquidity window for NBFCs (The bone of contention) The gov wants the RBI be lenient on loans to MSMEs (The bone of contention) Most of the Loans are coming from the public sector (One of the Major Issues) The Gov and the RBI should not let this issue go further as it will seriously affect investors.. Consultation process is very important The gov has the sovereign right to decide about the composition of the management The role of finance secretory is different from the RBI governor The Finance secretory is not a policy maker The execution of polity is made by the ministers The RBI act was amended - Bcz the gov thinks the autonomy of the RBI is a positive thing.. Should be worked on certern objective principles (Political pressures should not be crept in) Loan waiver - Political act done by the Gov The Monitory Policy Committee and The Banking Regulatory Authority should be together The need for autonomy should preserve the confidence of both domestic and foreign investors (No Compromise) The Autonomy is good but the accountability should be there The investors take decision for a long term (So there should be Stable financial system ) The gov should not force the RBI to do something (Deleterious effects in future) The Finance ministry is responsible for fiscal policy issues Stability, growth and inflation management (Goals to be achieved) Two Arms of The Same Body (According to Frank's point of view) A Part of A Joint Family (According to A. K. Bhattacharya) Kindly let me know if I missed any key points or had made any serious mistakes... Awesome Discussion !!! Thank You So Much Rajya Sabha TV

@mahimeher380 5 жыл бұрын

frank wants to look hansome in Diwali. so preparing for that:):)

@zeeshan79 5 жыл бұрын

Frank sir in "No-Shave-November" mode😛 Looking cool:))

@ramjeeagrawal8619 5 жыл бұрын

Things has come to this pt.just bcoz we the people of india are more interested in ram madir ,staues and bigboss than national affairs.. 😟😟😟

@shejalsuman1149 5 жыл бұрын

Tnx #RSTV 4 such a balanced debate & given clear picture of using section 7 .🤗

@lifewarriorarmy 5 жыл бұрын

Rightly pointed out the facts👍🏻👍🏻👍🏻

@mridulkumarshrivastava430 5 жыл бұрын

Is this not the arrogance of this government what we are seeing today from CBI, SC, EC, CVC, to RBI ? Specifically in RBI row if government is not able manage its fiscal deficit then why RBI should pay the trouble that has been produced by the government. Government should have the confidence in RBI while meeting with them on sensitive and remarkable issues of economy and monetary policies. RBI is doing what it should do as an autonomous body or Central Bank of this country but government has done nothing on NPA and now implementing Section 7 because of their arrogance and economic mismanagement from giving loan waivers to farmers to very low investment in India and with these situations investors are going to take their investments outside India whatever they have. Let's see how economy and RBI goes and in which direction?

@govtexamprep2219 5 жыл бұрын

Actually they want their own rule and Constitution. Rss ideology.☺️😊

@anilbera9499 5 жыл бұрын

@@govtexamprep2219 Let manusmriti rule the RBI....

@krishnavashistha7481 5 жыл бұрын

No one is saint here, RBI is also on faults here... They are obliged to give dividends from income as do all central banks do. Further, there is real issue of liquidity as seen by NBFCs conditions. Government is frustrated by the way NPAs has been tackled by them (specially the case of PNB as they are on bank boards , having power to audit and command ). But they have passed all the bucks on government. Yes, BJP being ideologue of indigenousness and industrial development, they want greater liquidity for MSMEs. I don't find a fault as previous economic model has not given adequate result.

@anilbera9499 5 жыл бұрын

@@krishnavashistha7481 Govt.(or public) is the owner of Public banks like PNB. since Govt. is the major share-holder it has most influence on decision-making including selection of board of directors. RBI is only the regulator. You can't put all the blame on RBI for NPA problems as most of the NPA problem is in public sector banks.

@RahulChauhan-wo1io 5 жыл бұрын

Come on guys keep these stupid comments for quint and wire.have something constructive here on RS tv...

@ponraja1 5 жыл бұрын

Very informative productive discussion. Appreciate co_ ordinator and esteemed well knowledge participants

@anutopia2314 5 жыл бұрын

Section 7(1) in The Reserve Bank of India Act, 1934: The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.

@mukundmishra8989 5 жыл бұрын

Enjoyed every bit of the debate. Such a mature and profound panelists.

@ankushjindal2143 5 жыл бұрын

Good topic,Great debate. BJP Govt wants to control every institution in this country which isn't good.They will pay for this in upcoming elections.

@ashasharma7829 5 жыл бұрын

Yes they will

@MaakiRashoee 5 жыл бұрын

Don't you get the meaning of this debate. Don't play politics here

@Himanshu-fg9uq 5 жыл бұрын

Differences have been there between Government and Central bank from time immemorial. This is a global phenomenon.

@TheGS013 5 жыл бұрын

Unfortunately, for our democracy, it is the face-value that sells. The majority that votes sees vested interests.. Votes for liquor, Sari, goodies.. ask that class what the institutions' autonomy debate is.. they won't know.

@JAIHINDBHARAT 3 жыл бұрын

Yeah dude paid 😁😁😁

@Enlightenwithshubham 5 жыл бұрын

Thanx big picture for clearing doubt about Finance ministry v/s RBI

@patelvastralaya 5 жыл бұрын

good way question Mr. Frank on accontability vs autonomus

@karishmapandey2345 5 жыл бұрын

Nitin desai best penalist in this debate secretary is not very clear in his views

@RahulChauhan-wo1io 5 жыл бұрын

I guess Frank took no shave November seriously.

@snr5950 5 жыл бұрын

Dear Mr Frank Pereira - thanx for hosting this important video clip...Further mai I suggest to you not to grow beard, otherwise we will miss your innocent face n your magic smile...

@ajaydhaka4297 5 жыл бұрын

Frank sir ,Kisi ki na suno aapse smart h hi nhi koi ..hahaha

@balwindersingh-zo8us 5 жыл бұрын

DEVOLUTION OF POWERS - this debate is going on since independence . In the constitutional assembly , when the states are carved out from the Indian union , many parliamentarians are in favor of giving some autonomous & independent powers to states . same is true for , when we create some other institutions (Like RBI , ECI etc ) . So , if central gov. don't have a confidence in them , then what is the purpose behind for their creation . its an obligation on the gov. to provide an autonomous environment to their institutions , so that they can work independently , and fulfill their responsibilities which has given to them .

@_10anurag 5 жыл бұрын

We should not blame for anyone ...at the end of day performance is checked by people's of the country...I think gov is playing there part correctly..we move from 142 to 77 rank in ease of doing business bcoz of gov policies... speculation is not always helpful...we should accept there was an integrity deficit on the regulatory part of the RBI which is resulted as huge piles of NPA...

@anilbera9499 5 жыл бұрын

In my view, your comment is biased in the favor of govt.

@santoshkumarbarik8134 5 жыл бұрын

Right economic policy lacuna also have a play. RBI could have checked & have acted strongly does not make a full argument.

@_10anurag 5 жыл бұрын

@@santoshkumarbarik8134 it's very true ...I just saying that policy of regulatory forbearance opted by RBI was questionable in present environment ...

@_10anurag 5 жыл бұрын

@@anilbera9499 I'm respecting your view🙏

@santoshkumarbarik8134 5 жыл бұрын

@Anurag mishra I agree 👍. Just to give a better perspective, Pre 2008 crisis banking euphoria propelled ,fuelled by 8% + gdp growth of country has resulted in to imprudent, mindless,unchecked lending by banks. Later when Crisis happened in West they started to give loans to capitalist industries of developing countries in abysmally low rate, which dried out our bank's market for newer lending. Previous borrowers fail due to various reason, prominent being our 'so govt policy. Huge chunk got trapped in infra projects, mainly real estates which was goverened by jungle rule before new RERA act. Our Mutual fund market, capital markets have also fall prey to same trap....... So there are many issue which are interwoven and interelated one being RBI 's weak supervision, absence of regulatory guidelines like today's PCA, S4A, AQR, stressed asset restructuring etc, absence of cyber laws, obsolate & silo woring mechanisms for inter bank & Bank -RBI communication have aggravated the a simple wound to a big injury......... I really appreciate u r interest and view in this....

@chennupallinithinkumar9928 5 жыл бұрын

Why you call Mr. Ashok Nag to the programme when you don't allow him the reasonable time to talk on his views...

@sumanverma-oy8sr 5 жыл бұрын

Thanks rstv, 01/11/2018

@avi-up9kl 5 жыл бұрын

Sir subtitles ¿¿¿¿¿¿¿¿¿¿¿

@abrarahelahi2797 5 жыл бұрын

Dear RSTV Need a debate on CBI controversy

@sidharthoxfielden4661 5 жыл бұрын

Awesome explanation

@lakshmankuriyavar9464 5 жыл бұрын

Day by day bjp losing popularity. Interfering in cbi , RBI , making appointments without leader of opposition party , cji , wasting 💰 in stutues and affecting areas of tribal people. Will see tight election in 2019.🎉🎉

@fatty_charlatan 5 жыл бұрын

Sir beard is not suiting your face 😔😔 Well that's my view 😅😅

@fatty_charlatan 5 жыл бұрын

@journey of anand sharma yup kind of 😅😅

@abrarahelahi2797 5 жыл бұрын

@journey of anand sharma is beard prohibited there?

@prajapatirahul3766 5 жыл бұрын

Thanks sir... 😊

@informal2928 5 жыл бұрын

More centralised system is needed for making India great again👏👌💪

@bhoopalnaik921 5 жыл бұрын

Subtitle option pls

@brseervi1408 5 жыл бұрын

Sir Please add subtitles in this debate........

@sandhyaherma1446 5 жыл бұрын

sir your beard is distraction .

@vatsalnaik6046 5 жыл бұрын

your comment too, for me :p haha

@satishkumar77 5 жыл бұрын

another good debate .

@beenadwivedi1730 5 жыл бұрын

Mr.Bhattacharya🤣That guy needs to let Frank finish the question.

@dhirajbankar1094 5 жыл бұрын

It would be apt if you had put the title "Sec 7 and RBI'. Your 70%time on debate was focussed only on sec 7. I think debate missed some of the critical issues.Mr.Ashok nag tried to touch a little some of those issues. P.S. Mr.Frank asking about sec 7 repeatedly made debate unbalanced and superflous.

@prashiksiddharth7332 5 жыл бұрын

Awesome debate ,

@kunfantaan9927 5 жыл бұрын

No franksir u rvlooking vry good here there is noissue of beard tnx sir

@yogeshkumbhar4610 5 жыл бұрын

frank good

@gareebsevasansthantrust1538 5 жыл бұрын

Rbi and gover. in beetwin should mostsly good comestary otherwise out big problems for country . careining and done work

@law99channel 5 жыл бұрын

Franc Sir.... You look more good in clean shave.

@Nishan4You 5 жыл бұрын

Damnn..did Mr. Bhattacharya just cut short Frank's sentence? xD

@jeeshithasampangi2042 5 жыл бұрын

two arms of the same body!

@avinash1354 5 жыл бұрын

Honestly,Frank sir is looking rough and tough. Compare his face with earlier big pic. episode and you will appreciate his new look.

@HarpreetpalSingh 5 жыл бұрын

Why does Frank always looks like as if he is sleepy

@demlinnalo2030 5 жыл бұрын

👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍

@gareebsevasansthantrust1538 5 жыл бұрын

Rbi have big resposblty so Rbi against government . understund government and discuss on section 7 ..

@bharatsinghal794 5 жыл бұрын

SIR MAKE SUBTITLES IN VIDEO PLEASE.............................

@amanforyou9493 5 жыл бұрын

Nice video 👍 👌

@abhishekksingh8806 5 жыл бұрын

Panelists👍

@amarjeetverma7530 5 жыл бұрын

abhar

@rohitsharma6457 5 жыл бұрын

Subtitles sir ?

@vinaychaudhary8629 5 жыл бұрын

This govt. Is gober govt. And finance minister is zombie.

@cricketkedewane8362 5 жыл бұрын

that's why ease of doing business came to 77 from 140's in past four year

@tigeoenterprises3832 5 жыл бұрын

Ease of doing business is not directly related to the health of the economy rather it is based on several other parameters. I may be wrong but that is primary understanding. What killed the economy to a great extend was the demonatization, and now the government is frantically looking for other options to tackle the fiscal deficit and i believe thats the reality

@sidhibatnobakwas6025 5 жыл бұрын

@@cricketkedewane8362 : Try opening a small business..start with Mudra Loan...Bank will show you door straight on your face...

@lalit5638 5 жыл бұрын

DON FRANK

@govtexamprep2219 5 жыл бұрын

Frank sir , aao kabhi haveli pe karawa lo clean shave yhi se..👍😊

@shashiupadhyay7103 5 жыл бұрын

I think some organisations should be given full autonomy and power to do it's job freely without political influence as 1) RBI 2) ECI 3) CBI 4) MEDIA

@namangoyal4021 5 жыл бұрын

CAG CIC SC HCs

@kondalraoaddagalla1147 5 жыл бұрын

Lokpal Lokyukta If we make the list ..We have many like this

@mohanmadhavaram4991 5 жыл бұрын

Who's going to monitor if they are engaging in an organized mess such as bad loans, who were supposed to monitor them? In the democracy, the elected government should have full rights to question any organization in the country. as per the constitution. The organizations were not formed on their own, we don't need an elected government when organizations supposed to work with total autonomy.

@koushikworldian9239 5 жыл бұрын

Suppose if they behave in an autocratic way which leads to destruction of nation who will be accountable for so??autonomy without accountability is meaningless n destructive which we are already facing by media..

@koushikworldian9239 5 жыл бұрын

@@mohanmadhavaram4991 excellent 👏👏👏. ..they must be held responsible to parliament n state assembly and their work should be monitored by the elected government.