English हिन्दी
Connect with us

India News

RSS ideologue, Swadeshi Jagran Manch convenor S Gurumurthy is RBI Director

Published

on

RSS ideologue, Swadeshi Jagran Manch convenor S Gurumurthy is RBI Director

The Modi government on Tuesday, August 7, appointed S Gurumurthy – the editor of Thuglak and a chartered accountant who is also convener of the Swadeshi Jagran Manch (SJM), an outfit affiliated to the right-wing Rashtriya Swayamsevak Sangh (RSS) – to the board of the Reserve Bank of India.

The Centre also approved the appointment of Satish Marathe, a banking industry executive with decades of experience, founder of Sahakar Bharati, an NGO that works to support cooperatives and a former member of RSS and BJP’s student wing Akhil Bharatiya Vidyarthi Parishad (ABVP), to the RBI’s board.

Both Marathe and Gururmurthy will serve as “part-time non-official directors” on the RBI’s central board and will have a four-year term.

“The Appointments Committee Of The Cabinet has approved the proposal of the Department of Financial Services for the appointment of Shri Swaminathan Gurumurthy, as part-time non-official director on the Central Board of the Reserve Bank of India under Section 8(1)(c) of the RBI Act 1934, for a period of four years from the date of notification of the appointment…,” said the government notification.

The RBI board has official and non-official directors. Officials directors include the RBI’s governor and not more than four deputy governors. Non-official directors are appointed by the government, with the RBI Act allowing for up to ten directors to be nominated.

Generally speaking, in the past, non-official directors have included people without publicly-declared political leanings, said media reports. The appointment of non-official directors usually include well-known economists, experts, captains of industry in addition to two government officials.

The candidates appointed in the present case, however, have clear political leanings. While Gurumurthy is an economist, chartered accountant and a longtime commentator on economic and political affairs, he is also a prominent supporter of the current BJP government at the Centre and of Prime Minister Narendra Modi.

Marathe, on the other hand, has had stints at Bank of India, the United Western Bank Ltd, Janakalyan Sahakari Bank among others over the last 20 years and is the founder of Sahakar Bharati, an NGO that works to support cooperatives. His focus and experience has been on cooperative banks and their impact on the rural and agricultural sector.

In his younger days, Marathe was associated with the right-wing ABVP, a large pan-India student organisation that is affiliated to the RSS. According to media reports, he served as the ABVP’s treasurer for four years.

Gurumurthy is part of a small group of swadeshi economics thinkers whose views are given considerable importance by Modi and key finance ministry bureaucrat Hasmukh Adhia, reported The Wire. These proponents of ‘economic nationalism’ are generally opposed to foreign capital and businesses and instead believe that India’s 50-million small and medium businesses can create jobs and transform the Indian economy.

Gurmurthy is believed to have played an important role in suggesting and supporting the Modi government’s demonetisation move, its MUDRA scheme and the Niti Aayog’s position of focusing on a “Bharatiya approach to development”.

India Today magazine ranked him at number 30 in India’s 50 Most powerful people of 2017 list. S Gurumurthy has never contested any election so far.

S Gurumurthy is also said to have advocated the replacement of the Planning Commission with a new body, like the NITI Aayog favouring an Indian approach to development, according to a report in The Indian Express.

After reportedly providing consultation on demonetisation before it happened, Gurumurthy defended the move, calling it a much-needed attack on excessive liquidity and a “fundamental corrective to the economy”, The Wire report said.

In his long career, Gurumurthy has written and spoken on monetary policy, jobs, RBI and such macro-economic issues, including why Raghuram Rajan was not given a second term.

In September 2017, he criticised the Central bank’s provisioning norms, noting that it did not take into account “non-convertibility, no foreign investments in banks, govt ownership and 30% deposits being in government securities”. He lashed out at RBI, noting that it was “agenda-driven” and trying to destroy Indian business.

The RBI’s central board is not normally a decision-making body and instead serves as a forum or venue for discussion. However, it does serve as a platform for important public-facing decisions such as demonetisation or a move to change the central bank’s dividend policy.

Other policy decisions, such as interest rate cuts, are handled by the separate monetary policy committee.

With these appointments, the Modi government has filled its quota of ten directors to RBI’s board.

India News

Abhishek Banerjee says will not bow to BJP after nearly 11 hours of ED questioning

After spending nearly 11 hours before the Enforcement Directorate, TMC leader Abhishek Banerjee said he would not bow to the BJP and accused the ruling party of using investigative agencies for political purposes.

Published

on

Abhishek Banerjee

Trinamool Congress leader and Diamond Harbour MP Abhishek Banerjee on Tuesday said he would not bow to the BJP after spending nearly 11 hours being questioned by the Enforcement Directorate (ED) in connection with an ongoing investigation.

Speaking after the questioning, Banerjee alleged that central agencies were being used to target opposition leaders and asserted that he would continue his political fight despite what he described as sustained pressure.

The TMC leader has repeatedly maintained that investigations involving him are politically motivated, a charge he has made on several previous occasions while appearing before central agencies.

His appearance before the ED comes amid a period of heightened political activity and multiple investigations involving leaders in West Bengal. Recent days have also seen Banerjee face summons and questioning in separate matters by state investigative agencies.

After leaving the ED office, Banerjee reiterated that he would not be intimidated and said he remained committed to his political responsibilities. He also accused the BJP of attempting to weaken opposition parties through investigative action, an allegation that the BJP has rejected in the past.

The Enforcement Directorate has not publicly commented on Banerjee’s remarks. The investigation related to the questioning remains ongoing.

Continue Reading

India News

DMK attacks Rahul Gandhi, accuses him of weakening opposition unity

DMK has intensified its criticism of Rahul Gandhi, alleging that the Congress leader’s actions have weakened opposition unity and strained relations within the INDIA bloc.

Published

on

Rahul-Gandhi

The war of words between the DMK and Congress has intensified, with the DMK launching a strong attack on Leader of Opposition Rahul Gandhi and accusing him of contributing to divisions within the opposition alliance. The criticism comes amid strained ties between the two parties following their political split in Tamil Nadu.

According to the DMK, Rahul Gandhi’s political approach has weakened unity among opposition parties. The party’s IT wing mocked the Congress leader on social media, while an editorial published in the DMK’s official mouthpiece Murasoli questioned his recent remarks on opposition solidarity.

DMK questions Rahul Gandhi’s remarks on opposition unity

In its editorial, Murasoli argued that Rahul Gandhi was speaking about opposition unity despite, according to the DMK, contributing to disagreements among alliance partners in several states. The publication cited criticism directed at Congress by various opposition parties and suggested that the party’s actions had often created tensions within the INDIA bloc.

The editorial also referred to past political disputes involving Congress and Left parties, particularly in Kerala, claiming such episodes had raised concerns among opposition allies about Congress’s approach toward its partners.

Tamil Nadu political fallout adds to tensions

The attack comes after a major political realignment in Tamil Nadu. Following the 2026 Assembly elections, Congress ended its alliance with the DMK and joined the government led by Vijay’s Tamilaga Vettri Kazhagam (TVK). The move left the DMK in the opposition and significantly altered the political equation between the two former allies.

The DMK has alleged that Congress benefited from the alliance during the election and later abandoned its partner. The party’s editorial questioned whether assurances from Congress leadership would be trusted by alliance partners after the developments in Tamil Nadu.

Congress rejects allegations

Congress has not issued a detailed official response to the editorial, but party sources have rejected the allegations. According to the party, its decisions in Tamil Nadu were made in line with the mandate delivered by voters and were not intended to undermine either the DMK or the broader opposition alliance.

The latest exchange highlights growing strains between two key opposition parties even as leaders continue to stress cooperation on national issues. Just days earlier, Rahul Gandhi had said that the DMK remained aligned with the opposition on defending the “idea of India” despite political differences.

Continue Reading

Entertainment

Kumkum Bhagya actor Sanchita Ugale dies by suicide near Mumbai at 22

Television actor Sanchita Ugale, known for Kumkum Bhagya and Wagle Ki Duniya, died by suicide at her residence near Mumbai. Police have launched an investigation.

Published

on

Sanchita Ugale

Television actor Sanchita Ugale, known for her appearances in Kumkum Bhagya, Wagle Ki Duniya and Dilwali Dulha Le Jayegi, died by suicide at her residence in Nalasopara East near Mumbai on June 14. She was 22.

According to police officials, the incident took place at her home in Achole village, Nalasopara East. Authorities said Ugale had locked herself inside her bedroom and was later found hanging from a ceiling fan. Family members and local residents rushed her to a hospital, where doctors declared her dead.

Police have registered an Accidental Death Report (ADR) and launched an investigation into the circumstances surrounding her death. Officials said inquiries are underway and the exact reason behind the incident has not yet been established.

Career across television, OTT and films

Ugale had built a growing presence in the entertainment industry through television, streaming projects and films. Apart from Kumkum Bhagya and Wagle Ki Duniya, she played a lead role in Dilwali Dulha Le Jayegi. She also appeared in OTT projects such as Crime Aaj Kal and Silence 2.

The actor was also associated with the film Chhaava, which contributed to her growing recognition among audiences.

Last social media post draws attention

Following news of her death, social media users shared and commented on Ugale’s final Instagram post, which had been uploaded hours before the incident. The post showed the actor in traditional attire lip-syncing to a classic Bollywood song. Fans expressed shock and grief after learning of her death.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com