Government appropriated 99 per cent of RBI’s profits since 2014, says Sitaram Yechury

CPI(M) general secretary Sitaram Yechury hit out at the Centre on Tuesday over the record cash transfer by the RBI, alleging that the government had appropriated 99 per cent of the profits of Indias central banking institution since 2014. The Left leaders reaction came a day after the Reserve Bank of India (RBI) approved the transfer of a record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting the BJP-led regimes prospect to stimulate the slowing economy without widening fiscal deficit. Since 2014 Modi government has appropriated 99% of RBIs profits every year to fund its propaganda campaigns. It has now siphoned off ?1.76 lakh crores ostensibly to recapitalise banks which have been looted by Modis cronies. The health of our leading Navaratnas in the public sector is badly damaged by both, falling demand and because of the financial burden imposed on them by the govt. siphoning off huge dividends. All sections, farmers, workers, MSMEs, youth and women workers have been hurt badly, Yechury said in a tweet. The economy and peoples livelihoods have never been assaulted so mercilessly as under this government, the Communist Party of India (Marxist) leader said. The RBIs move has kicked up a political storm.