State Industries Minister Narayan Rane told reporters here that three divisions of RBI's forex department have been shifted to Delhi recently and a letter to editor about the effect this would have in lowering the importance of Mumbai as a financial centre was published in Shiv Sena's mouthpiece 'Saamana'.
"However, (Sena chief) Uddhav Thackeray, who is the editor of the paper, is so blinded by lust for power that he has not taken note of Modi government's attempt to lower Mumbai's position as an economic centre and financial capital of the country. He is busy with seat-sharing talks and is aiming to be chief minister," Rane alleged.
The Reserve Bank of India was set up in 1935 in Mumbai and has contributed to the emergence of the megapolis as a financial nerve centre.
"Even when Indira Gandhi had once wanted to shift the RBI headquarters to Delhi, Y B Chavan explained the importance of having the bank headquartered in Mumbai and the plan was dropped. RBI's contribution in emergence of Mumbai as the hub of banking trade and commerce cannot be ignored," he said.
You’ve reached your limit of 10 free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories
Over 30 subscriber-only stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app