Mamata Banerjee refuses to meet RBI Governor Subbarao to discuss finances

KOLKATA: West Bengal chief minister Mamata Banerjee's unpredictability quotient hit a new benchmark on Wednesday when she simply refused to meet Reserve Bank of India governor Duvvuri Subbarao to discuss the state's financial situation and borrowings.
Her refusal could make the road ahead for this beleaguered state very uncertain indeed and that too at a time when it is saddled with outstanding dues of over Rs 2 lakh crore.
It is customary for RBI governors to meet chief ministers whenever one visits a particular state. Subbarao was expected to meet Mamata Banerjee a day before the RBI central board meet in Kolkata on Thursday, and apprise her about inflation and growth, besides discussing the state financial situation.
A host of top industrialists from across India are also expected as board members. Surprisingly, Mamata Banerjee did not meet the RBI governor. Apparently, she didn't find the time to do so.
Incidentally, the RBI as banker to the West Bengal government extends overdraft facilities on a regular basis to bail it out. Whatever happened, nobody knows. But obviously, it must have left RBI a bit redfaced.
An official of the apexBSE 0.00 % bank told ET that the meeting had got cancelled, because the CM had gone out for something and could not reach her office on time. However, sources in the chief minister's office said there was no meeting in the first place.
Strangely, the RBI website had slotted the meeting at 5.30 pm on Wednesday evening. "This will send a wrong signal to the financial and business community," a senior executive in a public sector bank said.
"How do you expect investors and industrialists to show interest in Bengal when the government is not even ready to give due importance to high-profile people like the RBI governor?" The likes of Kumar Mangalam Birla, chairman of Aditya Birla Group of companies; Azim Premji, chairman of Wipro; GM Rao, chairman of GMRBSE -0.50 % Group are expected to fly down to Kolkata to attend the RBI board meeting on Thursday as members.
What impression will they get from such incident? asked a very dejected local businessmen. RBI's attempt to invite Mamata to attend a special bankers' meet on Thursday also proved futile. The RBI wanted the chief minister to take interest in the affairs of banking in West Bengal.