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IBLA 2019: Flagging concerns of the economy is not breach of RBI’s autonomy, says finance minister Arun Jaitley

IBLA 2019: Flagging concerns of the economy is not breach of RBI’s autonomy, says finance minister Arun Jaitley

IBLA 2019: Flagging concerns of the economy is not breach of RBI’s autonomy, says finance minister Arun Jaitley
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By CNBC-TV18 Jan 18, 2019 11:10:17 AM IST (Updated)

Flagging concerns of the economy is not a breach of autonomy as you are addressing the 'so-called' autonomous institution to realise and act on it, said finance minister Arun Jaitley.

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"We had diverse viewpoints and that’s not something for the first time which has happened. Governments in the last 70 years on several occasions have had viewpoints which were differing from the central bank itself," Jaitley said at the CNBC-TV18 India Business Leadership Awards (IBLA) event in Mumbai on Thursday.
"RBI as an autonomous institution, I respect their autonomy, but in the consultation process you are entitled to freely and frankly express yourself," Jaitley added.
Talking on monetary policy and Urjit Patel episode, he said RBI and government have always been in extensive consultations and both did have two conflicting, diverse viewpoints in an earlier situation, but each acts within the constraints of their domain.
But, Jaitley refrained from expressing any views on any rate cut and said that he will not fault the RBI or government for not having consultations.
Former governor Urjit Patel Patel stepped down from his post on December 11 citing personal reasons. His resignation comes amid an unprecedented rift with the centre over matters related to the central bank's independence.
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