Rahul Gandhi takes jibe at Centre over RBI proposal to overhaul banking industry

Congress leader Rahul Gandhi on Tuesday took a jibe at the Centre and asked the people to understand the ‘chronology’ of the measures proposed by an internal Reserve Bank of India (RBI) panel to allow large corporates to act as promoters of banks after necessary amendments to the Banking Regulations Act,1949.

Taking to the microblogging site, Rahul in a tweet said, “Chronology samajhiye: First, karz maafi for few big companies. Next, huge tax cuts for companies. Now, give people’s savings directly to banks set up by these same companies.”

RBI had constituted a internal panel to review extant ownership guidelines and corporate structure for Indian private sector banks. The panel’s report was made public last Friday. RBI panel has also recommended raising the cap on promoters’ stake in private sector banks to 26 %.

Several experts including former RBI governor Raghuram Rajan have warned against the move.