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RBI governor Raghuram Rajan inappropriate for country, send him to Chicago: Subramanian Swamy

Speed News team | Updated on: 17 May 2016, 11:27 IST

Bharatiya Janata Party leader Subramanian Swamy lashed out at Reserve Bank of India Governor Raghuram Rajan on 12 May and said that he is not appropriate for the country.

"Mujhe lagta hai RBI Governor hamare desh ke liye anukool nahin hain," ANI quoted Swamy as saying. (I believe RBI governor is not appropriate for India)

In a bid to criticise Rajan's policies and escalated interest rates he said, "The way he (Rajan) raised interest rates saying that inflation will be curbed, the country suffered because of this. Issey berozgaari badh gayi hai (Unemployment has increased because of it)."

According to the BJP leader, Rajan must be relieved as soon as possible and sent to Chicago.

"Usko jitna jaldi chutti karke Chicago bhej sakte ho, bhejna chahiye," he added.

Delivering a lecture in Cambridge University, London, the RBI Governor yesterday said that foreign banks have stopped opening branches in India as they need to set aside a lot more capital due to the country's 'higher risk' credit rating and they feel it is 'not worth' doing so.

In a lecture titled 'Why Banks?' as part of the Marshall Lecture 2015-16 series at Cambridge University, Rajan said that greater demand on banks to hold capital in the post financial crisis scenario has come at a cost.

The Parliament on Wednesday passed the Finance Bill after an intense debate in the Rajya Sabha with the government making 21 amendments.

The Lok Sabha passed the Finance Bill and Appropriation Bill last week and it was returned by the Rajya Sabha on Wednesday.

-With ANI inputs

First published: 12 May 2016, 12:43 IST