Cong slams RBI on allowing corporate sector in banking

'Understand the Chronology': Congress takes a jibe at BJP, slams RBI's move to allow corporate sector to start banks

"Understand the Chronology: First loan waiver for few big companies; next, huge tax cuts for companies," says Rahul Gandhi

Representative image/Credit: AFP Photo

Congress on Tuesday slammed the RBI proposal to allow big corporate houses to enter the banking sectors, describing it as yet another step to hand over people’s hard earned savings to big businesses.

“Understand the Chronology: First loan waiver for few big companies; next, huge tax cuts for companies. Now, give people’s savings directly to banks set up by these same companies,” former Congress President Rahul Gandhi said.

Hitting out at the Modi government with the ‘Suit-boot ki sarkar’ jibe, Rahul referred to reports about former RBI Governor Raghuram Rajan expressing strong reservations over the RBI Working Group proposal to allow corporate houses to set up banks.

“Its most important recommendation, couched amidst a number of largely technical regulatory rationalisations, is a bombshell,” Rajan said in an article co-authored by former RBI Deputy Governor Viral Acharya.

AICC General Secretary Randeep Singh Surjewala described the RBI proposal as a “concerted conspiracy of the Modi government to demolish the last edifice of keeping people’s money safe in banks.”

“This is a perverse idea to help big businesses access public money to fund their own ventures by banks owned and controlled by them. A new model of economic subjugation by a few,” Surjewala said.