{"id":65498,"date":"2026-05-24T09:06:41","date_gmt":"2026-05-24T03:36:41","guid":{"rendered":"https:\/\/punjabenews.com\/English\/?p=65498"},"modified":"2026-05-24T09:06:41","modified_gmt":"2026-05-24T03:36:41","slug":"bjp-led-centre-treating-rbi-like-personal-treasury-while-states-are-denied-their-due-share-harpal-singh-cheema","status":"publish","type":"post","link":"https:\/\/punjabenews.com\/English\/punjab\/bjp-led-centre-treating-rbi-like-personal-treasury-while-states-are-denied-their-due-share-harpal-singh-cheema\/","title":{"rendered":"BJP-led Centre Treating RBI Like Personal Treasury While States Are Denied Their Due Share: Harpal Singh Cheema"},"content":{"rendered":"<p><span style=\"color: #ff0000;\">Over \u20b914.29 Lakh Crore Taken From RBI Since 2014, Yet States Get Nothing: Harpal Singh Cheema<\/span><\/p>\n<p><span style=\"color: #ff0000;\">Chandigarh:<\/span> Punjab Finance Minister Harpal Singh Cheema on Saturday intensified his attack on the BJP-led Union Government over the record transfer of nearly \u20b92.87 lakh crore from the Reserve Bank of India (RBI) to the Centre, stating that the Modi Government was increasingly treating the RBI like a \u201cpersonal treasury\u201d to manage its fiscal deficit while denying states their rightful share despite India\u2019s federal structure.<\/p>\n<p>Citing official figures showing that the Centre has taken nearly \u20b914.29 lakh crore from RBI since 2014, with more than half of the amount transferred in the last three years alone, the Finance Minister warned that continuous extraction of RBI reserves not only weakens the country\u2019s central bank and long-term financial resilience but also strikes at the spirit of cooperative federalism by financially squeezing states. He said the RBI surplus has been generated through economic activities, transactions and revenue generation taking place across all states, therefore states deserve their rightful share in the funds instead of the Centre keeping the entire amount centralized.<\/p>\n<p>In a video statement,Minister Harpal Singh Cheema stated, \u201cThe financial structure of the country is based on federalism. Every Indian contributes to the economy and every state contributes to national growth and revenue generation. Then why are states denied their rightful share from such extraordinary gains? The rights of the states must be protected and the Central Government should not deprive states of their rightful share.\u201d<\/p>\n<p>Highlighting the sharp rise in RBI transfers, Harpal Singh Cheema pointed out that RBI transferred \u20b92.10 lakh crore in 2023-24, \u20b92.68 lakh crore in 2024-25 and now nearly \u20b92.87 lakh crore in 2025-26, making the last three years alone account for more than 53% of the total transfers made since 2014. \u201cThe scale and frequency of these transfers are unprecedented. Earlier, such extraordinary withdrawals from RBI reserves were seen only during exceptional circumstances or periods of major financial stress. But now, continuous extraction of RBI surplus has become the norm. This raises serious questions about fiscal management and the long-term institutional strength of the central bank,\u201d he asserted.<\/p>\n<p>Describing the issue as a direct challenge to cooperative federalism, Minister Harpal Singh Cheema said that if the Union Government is facing financial pressures due to global uncertainties and supply shocks, states are battling the same challenges while simultaneously handling welfare responsibilities, inflationary pressures and rising expenditure burdens. \u201cFederalism cannot mean that states bear the burden while the Centre keeps the entire RBI windfall. Extraordinary gains of this nature should be brought into the divisible pool and shared fairly with all states,\u201d he added.<\/p>\n<p>Cornering the BJP government over the broader economic situation, Minister Harpal Singh Cheema stated that the Centre\u2019s economic management has failed and the country\u2019s economy is under severe stress. \u201cDespite repeatedly extracting massive funds from the RBI, the BJP government continues burdening ordinary citizens through rising diesel, petrol and domestic cooking gas prices. The Centre is increasingly depending on external financial support while inflation continues to hurt people across the country,\u201d he stated.<\/p>\n<p>Minister Harpal Singh Cheema also said that the Centre\u2019s policies were weakening both the economy and the federal structure of the country. \u201cFiscal management cannot come at the cost of weakening RBI\u2019s institutional strength, reserve buffers and policy flexibility. India cannot aspire to build a strong and resilient economy with a weakened central bank and financially constrained states,\u201d he said.<\/p>\n<p>Taking a swipe at Prime Minister Narendra Modi, Harpal Singh Cheema said the Prime Minister must answer the nation on the condition of the economy and explain why fuel and LPG prices continue to rise despite repeated financial extractions from RBI. \u201cWhen the country faces economic stress and citizens are struggling with inflation, the Prime Minister should address the concerns of people instead of avoiding accountability,\u201d Minister Harpal Singh Cheema added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over \u20b914.29 Lakh Crore Taken From RBI Since 2014, Yet States Get Nothing: Harpal Singh Cheema Chandigarh: Punjab Finance Minister Harpal Singh Cheema on Saturday intensified his attack on the BJP-led Union Government over the record transfer of nearly \u20b92.87 lakh crore from the Reserve Bank of India (RBI) to the Centre, stating that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38530,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[19,21,20],"tags":[],"class_list":["post-65498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-political-news","category-punjab"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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