New Delhi, August 27: A day after Reserve Bank of India approved the transfer of Rs. 1.76 lakh crore to the Centre, Rahul Gandhi on Tuesday said that "stealing from RBI won't work" in reviving the economy. The former Congress President said that Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are clueless about their "self created economic disaster." RBI to Transfer Rs 1.76 Lakh Crore of Surplus Reserves to Centre as Per Bimal Jalan Panel Guidelines.

"PM & FM are clueless about how to solve their self created economic disaster. Stealing from RBI won't work - it's like stealing a Band-Aid from the dispensary & sticking it on a gunshot wound," Gandhi tweeted. SEBI Data Says Investors Lost Rs 13 Lakh Crore in 1 Month Post Union Budget 2019

Tweet by Rahul Gandhi:

Slamming a record high surplus transfer, Congress tweeted, "Rs. 1.76 lakh cr given to the govt by RBI is almost the exact same amount missing from Budget 2019 announcement. Where was that money spent? Why was it missing from the Budget? Looting the RBI like this only devastates our economy further & reduces credit rating of the bank."

Tweet by Congress:

On Monday, the central bank approved the transfer of Rs 1,76,051 crore dividend and surplus reserves to the Centre to help the government stimulate the slowing economy.

"The Central Board of the Reserve Bank of India (RBI) today decided to transfer a sum of Rs. 1,76,051 crore to the Government of India (Government) comprising of Rs. 1,23,414 crore of surplus for the year 2018-19 and Rs. 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today," the RBI statement read.

The surplus transfer was is in line with the recommendation of former RBI governor Bimal Jalan-led committee, which was constituted to decide the size of amounts which should be transferred to the centre from surplus and divides. RBI's central board had approved the panel's report.

(The above story first appeared on LatestLY on Aug 27, 2019 12:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).