Subramanian Swamy slams RBI Governor for trying to sabotage the renewal of Kisan Credit Cards. Urges PM to sack him

    Controversial RBI Governor Shaktikanta Das in a soup again for issuing a "fatwa" to collect the principal as well as interest for renewing Kisan Credit Cards

    Controversial RBI Governor Shaktikanta Das in a soup again for issuing a
    Controversial RBI Governor Shaktikanta Das in a soup again for issuing a "fatwa" to collect the principal as well as interest for renewing Kisan Credit Cards

    Senior Bhartiya Janata Party (BJP) leader Subramanian Swamy on Saturday slammed the Reserve Bank of India (RBI) Governor Shaktikanta Das for trying to sabotage the renewal of Kisan Credit Card by insisting to the banks for the remittance of principal amount from farmers. Swamy urged Prime Minister Narendra Modi to sack the RBI Governor for sabotaging the packages in agriculture.

    “I learn that while PSBs (Public Sector Banks) were ready to extend the validity of Kisan Credit Card done usually now, if the farmer pays the interest due (but not principal due to the COVID-19 crunch) the RBI Governor has issued a fatwa that principal must be paid. This is sabotage. PM must sack him,” tweeted Swamy, who has, in the past, accused the RBI Governor as a “crony” of the former Finance Minister P Chidambaram.


    Talking to media over the phone, Swamy said that many farmers’ union leaders complained to him that even after Agriculture Ministry and many Bankers favoured the immediate renewal of Kisan Credit Card, RBI Governor Shaktikanta Das was throwing a spanner into the works. Kisan Credit Card was an ambitious project launched by Prime Minister Narendra Modi a few years ago and widely welcomed by farmers due to the easy availability of funds.  Nearly four crore farmers have benefited by this scheme. Kisan Credit Card is designed to be like a bank overdraft or a running account for farmers and not as a term loan.

    Normally, a majority of the Kisan Cards are renewed during the period March to July. The Agriculture Ministry directed that due to the Corona crisis, the banks must renew the Card immediately by accepting the interest of the loans. But RBI put a spanner by directing that banks must also collect the principal amount of the loan during the renewal of the Kisan Credit Card.

    This is not the first time that the RBI Governor Shaktikanta Das has invited the wrath of Subramanian Swamy. Das was a Tamil Nadu cadre IAS officer and is known to be close to former Finance Minister Chidambaram. During the NDA regime, as Revenue Secretary, Das played all tricks to collapse the Enforcement Directorate’s (ED) probe against Chidambaram in the Aircel-Maxis scam and even the Revenue Department lied in the Supreme Court to save his old boss Chidambaram in November 2014. PGurus did a series of reports on the dubious activities of RBI Governor Shaktikanta Das[1].

    References:

    [1] Controversial tainted officer Shaktikanta Das appointed as RBI GovernorDec 12, 2018, PGurus.com

    Team PGurus

    18 COMMENTS

    1. Anybody who does something than swamy thinks is branded as congi agent. If it was true why midi appointed him as RBI governor in the first. While I wish Swamy as a FM he will never get this post under Modi because Modi has done of scams in the few years and swamy gets the FinMin means Modi under radar of Swamy.

    2. It is wrong to attribute the launching of Ksan Credit Card to Modi’s Govt. It was in fact launched by NDA1 Govt. of Sri ABVajpayee. All the new innovation in the present regime is the issuance of plastic chip cards for accounts recently. Now as regards renewal of the fecility every year, it is compulsory to repay principal and interest any point of time during it’s tenure. These are existing guidelines only. If the GOI amended them and it was not implemented, then RBI Governor should held responsible…

    3. Your description claims your people are, among other lofty things, “unbiased”. Lol. Yet you publish “news” with a clear agenda and even a blind Subramaniam Swamy would be able to recognise the utter disregard for journalistic ethics one sees in your articles. Especially in this article, your description of Mr Das says a lot about the brief you hold. And you call yourselves journalists. 🤦

    4. The ralealty regarding kian credit card is every year farmers’ only pay interest and facility is renewed. If I am wrong, please make a survey to find it out. Only in case of Tieup loans such as Tobacco, Sugarcane, Dhal, Cotton, Coffee, Tea, where the buyer is factories or boards where entire amount is credited to farmer’s KCC Ac. In rest it is only interest is accepted and renewed.

    5. All along Pgurus has been publishing news only against the RBI, Fin ministry, former congress ministers etc but will never ever publish anything against PM Modi, whose ego and never care for arrogant attitude and his stupid policies that has bought the nation to a spiralling downturn. Looks like you are just a spokesman for Dr.Swamy to fulfill his political ambitions. Dr.Swamy deserves to be the FM for sure but the arrogant and egoistic Modi is not going to give it to him for sure. It is high time Dr.Swamy comes out of BJP, split the bloating egoistic and arrogant party and starts his own party and include like minded people with him. Let him go the Rajaji way even if he loses instead of cribbing inside the party that doesn’t treat him properly. He has to raise against Modi. There is no other option now. Let the Congress die its own death. It is time another Swatantra like party give a try in Indian politics. Even if it loses, let it lose in a dignified way rather than being continuously humiliated by the egoistic so called friends.

      • What you are suggesting is the same fate of BJP like the Janata party of 1977. If the BJP is split, it will definitely loose but who will get the benefit? Congress has 30% committed voters which will make it win if BJP gets splitter. It is time to get the Hindu votes united. If you are not happy with Modi, then change the PM. BJP has many more capable leaders including Swami himself. For heaven’s sake don’t seed the idea of split but work for the consolidation of Hindu votes.

        • This is not the BJP for Hindus that you think it is. It has done nothing for the Hindus. In fact Congress would be wondering how the current BJP has beat even them in ideas against Hindus. High time this over bloated egoistic party which is nothing but extension of Congress goes. We can’t keep tolerating nonsense for ever. Modi cannot be changed. So can’t be NS. How long are you going to live this same egoistical nonsense where people like Swamy are wasted? The only logical conclusion is breaking of this party with like minded people like Swamy on one side in my opinion. Nothing will happen to Hindus. As such the current BJP has done nothing for them.

          • Incorrect. BJP vote split will make congi to come back. That is more disastrous to India. Swamy knows this and that is the reason he continues with BJP (he told this in interviews). Time is not ripe for third Till then we need to have BJP a center.

    6. RBI Governor is right. A time will come in this country when the PSBs would not be able to repay the poor depositors their savings on account of NPAs. The blame will then be put on RBI for mismanagement. Now when the RBI is trying to save the Banking industry, the Governor is targeted. This Govt has no idea how important Financial discipline is for the survival of this country.

      • Yes rather than just targetting rbi governor it must be seen what prompted his action, he is not kept in the chair just to appease all but to take right decisions to keep rbi funds going so if there was any compulsion from his part it needed to be seen & whatever mistake done must be rectified so that in future all such schemes benefittings farmers, laborers remains unaffected & without putting much pressures on rbi finances

    7. Even to be seen near Chidambaram is a lesson in image destruction. To be associated with him is very debilitating. It is critical that an investigation of Das and Chidambaram link be done immediately and discreetly. I cannot believe that in India no proper investigation is done before appointment to such top positions. Best wishes. Dr Sandeep Parmar

    8. If all of big crooks and corporations gets loan pardon again and again and gets new chance to start over . Why not the poor farmers receive this new life line . At least once. If India wants seriously to boost economy and flourish . Every single farmer should be debt free.

      • Good suggestion but at the same time all the depositors who have deposited their hard earned money in the Banks should be ready to forget all their deposit and just chill.

    9. This Govt under our PM has failed in economics very badly… Until and unless the PM puts money into the hands of the poor and the middle class the situation is not going to improve… Inspite of rhetorics and all stage management the ship will continue to sink till common man gets money to spend…

    10. I thought that our PM would sack many useless and incompetent officers, at least in the 2nd term. Now I strongly get a feeling that he is surviving on IMAGE built up carefully. India requires LEADERSHIP, not powerful leaders with just image.

    11. So unfortunate that PM selected corrupt Chidambaram crony retired IAS History graduate Shaktikanta Das as Reserve Bank of India’s Governor. This crook man has collapsed the Demoitisation by daily issuing confusing and contradicting rules. Das might be trying to sabotage the Kisan Credit Card scheme under the secret direction of his old Boss Chidambaram

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