Revanth in New Delhi, likely to raise SBI land row with RBI and the Centre
Chief Minister A. Revanth Reddy is expected to take up the controversy surrounding the State Bank of India’s move to initiate legal proceedings over a
Chief Minister A. Revanth Reddy is expected to take up the controversy surrounding the State Bank of India’s move to initiate legal proceedings over a disputed land auction with the Reserve Bank of India (RBI) and the Union Government during his forthcoming visit to New Delhi. The Chief Minister, who left for Mumbai on Saturday (June 20), is expected to travel to the national capital on Sunday and remain there for two days. During his stay, he is expected to meet senior officials and submit representations regarding the role of SBI officials in the matter, according to sources in the State government.
The Congress government is understood to be concerned over the developments, viewing the issue as more than a routine financial dispute. Senior government sources claimed Mr. Revanth Reddy believes there is a political dimension to the controversy and suspects that leaders of the Bharat Rashtra Samithi (BRS) are attempting to exploit the issue to tarnish Telangana’s image among investors. At internal discussions with party colleagues, the Chief Minister reportedly expressed the view that the Opposition party’s primary objective was to damage Hyderabad’s reputation as a premier investment destination and create uncertainty about the State’s business environment.
Such attempts, he is said to have argued, could adversely affect investor confidence and undermine Telangana’s efforts to attract fresh investments. Meanwhile, officials are gathering information on the circumstances that led to the bank’s decision to pursue legal action. Sources pointed out that disputes involving public sector institutions and State governments are typically resolved through consultations and negotiations. The decision of a major public sector bank to move the courts against the government has therefore raised questions within the administration.
The Chief Minister is likely to also schedule some meetings with the party high command in the light of rumours on the Cabinet expansion and Meenakshi Natarajan’s episode.
The BriefWire