New Delhi, November 19: Amid the ongoing rift with the government and the Reserve Bank of India (RBI), Congress President Rahul Gandhi on Monday launched a scathing attack on Prime Minister Narendra Modi and said that he, along with his set of people, is destroying every institution they can get their hands on. Gandhi took to microblogging site Twitter and said that even in the RBI meet today, Narendra Modi's puppets will attempt to destroy the RBI.

"Mr Modi and his coterie of cronies, continue to destroy every institution they can get their hands on. Today, through his puppets at the RBI Board Meet he will attempt to destroy the RBI. I hope Mr Patel and his team have a spine and show him his place", Gandhi tweeted. New Regulations for RBI? Narendra Modi Government Set to Change Functioning of RBI, Say Reports. 

During the meeting today, the Finance Ministry nominees and some independent directors are expected to take on Governor Urjit Patel and his team on several issues. The issues range from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground. Reports inform that the meeting will have a total of 18 members in which five, including the governor, belong to the RBI and the rest are government nominees. Modi Govt Trying to 'Capture RBI' Ahead of Lok Sabha Polls, This Will Be 'Catastrophic': Chidambaram.

The Government and RBI are looking to find a realistic solution with respect to relaxation of the Prompt Corrective Action (PCA) framework and easing of lending norms for the MSME sector. Meanwhile, there have been demands from some quarters for RBI governor Urjit Patel's resignation.Reports inform that the government is likely to evoke Section 7 of the RBI Act, wherein it can issue orders to the otherwise independent body.

Chairman of the Parliamentary Standing Committee on Finance Veerappa Moily had said if Patel quits over the stand-off between the top bank and the Centre, it will send a bad signal to global markets. Adding further, Moily claimed that the nation used to be very proud of India's growing economy because its fundamentals were strong during the 10-year UPA rule unlike in the four-and-a-half years of NDA rule.

(The above story first appeared on LatestLY on Nov 19, 2018 11:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).