Modi wants to 'capture' RBI to gain control over its Rs 9L-cr reserves: Chidambaram

Agencies
November 18, 2018

New Delhi, Nov 18: Ahead of RBI Board meeting, Congress leader P Chidambaram on Sunday alleged that the central government was determined to "capture" the bank to gain control over its Rs 9 lakh crore reserves.

In a series of tweets, the former finance minister also claimed that the government and the Reserve Bank of India (RBI) was heading towards a "confrontation" in the Monday's board meeting of the bank. "Government is determined to 'capture' RBI in order to gain control over the reserves. The other so-called disagreements are only a smokescreen (sic)," he said on microblogging site Twitter.

Chidambaram said, "Nowhere in the world is the central bank a board-managed company. To suggest that private business persons will direct the governor is a preposterous idea."

"November 19 will be a day of reckoning for central bank independence and the Indian economy," he tweeted.

The RBI has a massive Rs 9.59 lakh crore reserves and the government, if reports are to be believed, wants the central bank to part with a third of that fund -- an issue which along with easing of norms for weak banks and raising liquidity has brought the two at loggerheads in the recent weeks.

The government on November 9 had said it was discussing an "appropriate" size of capital reserves that the central bank must maintain but denied seeking a massive capital transfer from the RBI.

Economic Affairs Secretary Subhash Chandra Garg had also clarified that the government wasn't in any dire needs of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore. "There is no proposal to ask RBI to transfer (Rs) 3.6 or (Rs) 1 lakh crore, as speculated," he had said.

"The government's FD (fiscal deficit) in FY 2013-14 was 5.1%. From 2014-15 onwards, the government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3%.

The government has actually foregone (Rs) 70,000 crore of budgeted market borrowing this year."

Garg said the only proposal "under discussion is to fix appropriate economic capital framework of RBI".

Economic capital framework refers to the risk capital required by the central bank while taking into account different risks.

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News Network
December 7,2025

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Since 1946, the United States has attempted 93 coups or “regime change” operations across the world — including two in Iran, US Special Envoy for Syria Tom Barrack has admitted.

Speaking to the UAE-based IMI Media Group, in remarks published by The National, Barrack said Washington tried twice to overthrow the Iranian government but failed both times. 

“For (Trump) then to be imputed with regime change — we had two regime changes in Iran already. Neither one worked. So I think wisely leave it to the region to solve,” said Barrack, who also serves as the US ambassador to Turkey.

His comments come six months after the US joined Israel in airstrikes against Iran during ongoing indirect nuclear negotiations between Tehran and Washington.

On June 13, Israel launched an attack on Iran that killed at least 1,064 people and hit civilian infrastructure. Days later, the United States targeted three nuclear facilities — Fordow, Natanz and Isfahan — in what Iran called a clear violation of international law. Iranian retaliation eventually forced a halt to the assault on June 24.

Barrack further claimed that US President Donald Trump and Foreign Secretary Marco Rubio are “not into regime change” and prefer a regional approach driven by Middle Eastern countries themselves. According to him, regional dialogue and non-interference by outside powers offer a more durable path forward.

He added that Washington is still open to an agreement with Tehran if Iranian authorities show “seriousness” and willingness to engage constructively.

However, Iran maintains the US has not shown readiness for meaningful talks. In an interview with Japan’s Kyodo News, Iranian Foreign Minister Abbas Araghchi said negotiations could advance only if Washington acknowledges Iran’s right to peaceful nuclear energy and lifts unilateral sanctions.

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News Network
December 7,2025

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Mangaluru, Dec 7: A rare bamboo shrimp has been rediscovered on mainland India more than 70 years after it was last reported, confirming for the first time the presence of Atyopsis spinipes in the country. The find was made by researchers from the Centre for Climate Change Studies at Sathyabama Institute of Science and Technology, Chennai, during surveys in Karnataka and Odisha.

The team — shrimp expert Dr S Prakash, PhD scholar K Kunjulakshmi, and Mangaluru-based researcher Maclean Antony Santos — combined field surveys, ecological assessments and DNA analysis to identify the elusive species. Their findings, published in Zootaxa, resolve decades of taxonomic confusion stemming from a 1951 report that misidentified the species as Atyopsis moluccensis without strong evidence.

The shrimp has now been confirmed at two locations: the Mulki–Pavanje estuary near Mangaluru and the Kuakhai River in Bhubaneswar. Historical specimens from the Andaman Islands, previously labelled as A. moluccensis, were also found to be misidentified and actually belong to A. spinipes.

The rediscovery began after an aquarium hobbyist in Odisha spotted a shrimp in 2022, prompting systematic surveys across Udupi, Karwar and Mangaluru. Four female specimens were collected in Mulki and one in Odisha, all genetically matching.

Researchers warn the species may exist in very small, vulnerable populations as freshwater habitats face increasing pressure from pollution, sand mining and infrastructure development. All verified specimens have been deposited with the Zoological Survey of India for future reference.

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News Network
December 6,2025

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New Delhi: IndiGo, India’s largest airline, faced major operational turbulence this week after failing to prepare for new pilot-fatigue regulations issued by the Directorate General of Civil Aviation (DGCA). The stricter rules—designed to improve flight safety—took effect in phases through 2024, with the latest implementation on November 1. IndiGo has acknowledged that inadequate roster planning led to widespread cancellations and delays.

Below are the key DGCA rules that affected IndiGo’s operations:

1. Longer Mandatory Weekly Rest

Weekly rest for pilots has been increased from 36 hours to 48 hours.

The government says the extended break is essential to curb cumulative fatigue. This rule remains in force despite the current crisis.

2. Cap on Night Landings

Pilots can now perform only two night landings per week—a steep reduction from the earlier limit of six.

Night hours, defined as midnight to early morning, are considered the least alert period for pilots.

Given the disruptions, this rule has been temporarily relaxed for IndiGo until February 10.

3. Reduced Maximum Night Flight Duty

Flight duty that stretches into the night is now capped at 10 hours.

This measure has also been kept on hold for IndiGo until February 10 to stabilize operations.

4. Weekly Rest Cannot Be Replaced With Personal Leave

Airlines can no longer count a pilot’s personal leave as part of the mandatory 48-hour rest.

Pilots say this closes a loophole that previously reduced actual rest time.

Currently, all airlines are exempt from this rule to normalise travel.

5. Mandatory Fatigue Monitoring

Airlines must submit quarterly fatigue reports along with corrective actions to DGCA.

This system aims to create a transparent fatigue-tracking framework across the industry.

The DGCA has stressed that these rules were crafted to strengthen flight safety and align India with global fatigue-management standards. The temporary relaxations are expected to remain until February 2025, giving IndiGo time to stabilise its schedules and restore normal air travel.

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