Govt compromising RBI: Cong

The Congress has expressed concern over the Appointments Committee of Cabinet (ACC) headed by Prime Minister Modi appointing Swaminathan Gurumurthy and Satish Kashinath Marathe as the non-official directors of the Reserve Bank of India (RBI), saying it is worrisome as earlier external appointees were always people not politically affiliated.

The non-executive directors so far have been the people who have been wellknown economists, experts, captains of industry in addition to government officials. "However, the PM Modi-led government at the Centre, staying true to its agenda of weakening institutions, has, it seems, initiated its mission of compromising and undermining the RBI, the guardian bank for banks of India, the Congress said in an "in focus" writeup on its website.

It said Gurumurthy has been known for his affiliations with the right-wing, culturally chauvinistic RSS. His only credentials in economics is his experience as a chartered accountant. He is also convener of a trade-body organisation called Swadeshi Jagran Manch (SJM), which is closely affiliated with the RSS. The SJM has been unpopular for its criticism of foreign direct investment.

How can someone who has been a vociferous critic of the RBI, an institution which forms the core of the Indian economy - be appointed on its board, the Congress asked. It said only reasonable explanation for introduction of such people to the institution can be if the government intends to transform the very essence of that institution.

It asked the people of India to understand what such appointments and their implications mean for India. The institutions are the very cornerstone of continuity in Indian politics. Regimes, which adhere to different ideologies, policies, etc., come and go, but it's the institutions that ensure that the core principles of any country are never compromised.