Minister Harpal Cheema accuses Centre of using RBI as ‘Personal Treasury’
Babushahi Bureau
Chandigarh, May 23, 2026: Harpal Singh Cheema on Saturday launched a sharp attack on the BJP-led Central Government over the record transfer of nearly ₹2.87 lakh crore from the Reserve Bank of India to the Centre, alleging that the Union Government was treating the RBI like a “personal treasury” while denying states their rightful financial share.
Addressing the issue through a video statement, the Punjab Finance Minister claimed that the Centre had withdrawn more than ₹14.29 lakh crore from RBI reserves since 2014, with over half of the amount transferred during the last three years alone.
Cheema argued that the RBI surplus is generated through economic activity taking place across all Indian states and therefore should not remain entirely under the Centre’s control. He said states contribute equally to the national economy and deserve a fair share of extraordinary financial gains.
“The country’s financial structure is based on federalism. Every state contributes to economic growth and revenue generation, so states should not be deprived of their rightful share,” Cheema said.
Highlighting recent RBI transfers, he pointed out that the central bank transferred ₹2.10 lakh crore in 2023-24, ₹2.68 lakh crore in 2024-25, and nearly ₹2.87 lakh crore in 2025-26. According to him, the increasing scale of these transfers raises concerns over fiscal management and the long-term financial strength of the RBI.
Cheema further alleged that the Centre was relying heavily on RBI surplus funds to manage financial pressures while common citizens continue to face inflation and rising fuel prices.
He also termed the issue a challenge to cooperative federalism, stating that states are already struggling with welfare spending, inflationary pressures, and rising expenditure burdens.
“The Centre cannot keep the entire RBI windfall while states continue bearing the economic burden,” he added.
The Punjab minister further accused the BJP government of weakening both the country’s economy and federal structure through its financial policies, warning that excessive dependence on RBI reserves could affect the central bank’s institutional strength and long-term policy flexibility.