Inside the secret power struggle behind Dhankhar’s resignation

Mumbai: The cryptic silence surrounding the abrupt resignation of former Vice President Jagdeep Dhankhar in July was shattered on the floor of the Rajya Sabha this Monday, not by a government clarification, but by the visible anguish of the Opposition. While official records continue to attribute his departure to “health reasons,” highly placed sources in the power corridors of the capital have now confirmed that a fatal misunderstanding of the shifting power dynamics between the Rashtriya...

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Inside the secret power struggle behind Dhankhar’s resignation

Mumbai: The cryptic silence surrounding the abrupt resignation of former Vice President Jagdeep Dhankhar in July was shattered on the floor of the Rajya Sabha this Monday, not by a government clarification, but by the visible anguish of the Opposition. While official records continue to attribute his departure to “health reasons,” highly placed sources in the power corridors of the capital have now confirmed that a fatal misunderstanding of the shifting power dynamics between the Rashtriya Swayamsevak Sangh (RSS) and the Bharatiya Janata Party (BJP) top brass was the true precipice from which the former Vice President fell. The revelations surfaced as the Winter Session of Parliament commenced on Monday, December 1, 2025. The solemnity of welcoming the new Vice President and Rajya Sabha Chairman, C.P. Radhakrishnan, was punctured by an emotional intervention from Leader of the Opposition Mallikarjun Kharge. The veteran Congress leader, hands shaking and voice trembling, shed tears on the floor of the House—a rare display of vulnerability that underscored the Opposition’s grievance over what they term an “institutional surgical strike.” The Failed Mediation Exclusive details emerging from Delhi’s political circles paint a picture of a constitutional authority who misread the winds of change. Sources reveal that tensions between Dhankhar and the government had been simmering for months, primarily over his handling of key legislative agendas and a perceived “drift” towards accommodating Opposition demands in the Upper House. As the chasm widened, a lifeline was reportedly thrown. A senior leader from a prominent alliance partner within the National Democratic Alliance (NDA) — a figure with decades of parliamentary experience and respect across the aisle — had discreetly offered to mediate. This leader recognized the growing impatience in the BJP high command and sought to bridge the gap before it became unbridgeable. However, Dhankhar declined the immediate urgency of this political mediation. “He was confident in his equations with the ideological parent,” a source familiar with the developments stated. “He is close to some of the RSS top functionaries and relied on them to mediate when his equations with the BJP top brass started going astray.” This reliance on Nagpur to manage New Delhi proved to be a critical miscalculation. Sources indicate that Dhankhar believed his deep ties with the Sangh would act as a buffer, insulating him from the political maneuvering of the ruling party’s executive leadership. He reportedly waited for the “green signal” or intervention from RSS functionaries, delaying the necessary reconciliation with the party leadership. Cost of delay The delay in mending ways was fatal. By the time the former Vice President realized that the RSS would not—or could not—overrule the BJP’s strategic decision to replace him, the die had been cast. The drift had become a gulf. The instruction, when it finally came on that fateful July 21, was absolute - he had to vacate the office immediately. The “untimely sudden resignation” that followed was officially cloaked in medical terminology, but insiders describe a chaotic exit. The former VP, who had recently moved into the lavish new Vice-President’s Enclave, was forced to vacate the premises in haste, leaving behind a tenure marked by both assertive confrontations and, ironically, a final act of silent compliance. Tears in the Upper House The ghost of this departure loomed large over Monday’s proceedings. Welcoming the new Chairman, C.P. Radhakrishnan, Mallikarjun Kharge could not hold back his emotions. Breaking away from the customary pleasantries, Kharge launched into a poignant lament for the predecessor who was denied a farewell. “I am constrained to refer to your predecessor’s completely unexpected and sudden exit from the office of the Rajya Sabha Chairman, which is unprecedented in the annals of parliamentary history,” Kharge said, his voice heavy with emotion. As Treasury benches erupted in protest, shouting slogans to drown out the discomforting truth, Kharge continued, wiping tears from his eyes. “The Chairman, being the custodian of the entire House, belongs as much to the Opposition as to the government. I was disheartened that the House did not get an opportunity to bid him a farewell. Regardless, we wish him, on behalf of the entire Opposition, a very healthy life.” The sight of the Leader of the Opposition shedding tears for a presiding officer with whom he had frequently clashed was a striking paradox. It highlighted the Opposition’s narrative that Dhankhar’s removal was not just a personnel change, but an assertion of executive dominance over the legislature. New chapter with old scars The government, represented by Parliamentary Affairs Minister Kiren Rijiju, sharply countered Kharge’s remarks, accusing the Opposition of shedding “crocodile tears” after having moved impeachment notices against Dhankhar in the past. “You are insulting the Chair by raising this now,” Rijiju argued amidst the din. Yet, outside the House, the whispers persisted. The narrative of a Vice President who waited for a call from Nagpur that came too late has firmly taken root. As C.P. Radhakrishnan takes the Chair, he does so not just as a new presiding officer, but as the successor to a man who learned the hard way that in the current dispensation, political alignment with the executive supersedes even the oldest of ideological ties.

Save Smarter with Savings+

C.S. Krishnamurthy
7 hours ago
3 min read

In many Indian households, money lies idle in savings accounts. It feels safe to see a good balance, but interest rates are low - about 2.5–3% a year. After tax and inflation, the real value of money falls. What seems secure today may not be enough tomorrow. Keeping too much in savings make the future goals harder to achieve.

Across scheduled commercial banks, savings balances run into tens of lakh crore rupees, reflecting a deep habit of leaving cash where it works the least. Habit, not strategy, often decides where hard earned money rests.

How professionals park money

If you are a Chief Finance Officer (CFO), you are unlikely to leave large surpluses idle in a savings or current account. Instead, you use debt mutual fund options such as overnight, liquid and money market funds to keep cash accessible while seeking better risk adjusted returns. The same types of funds are available to individual investors, raising an obvious question: if India’s top CFOs rely on these vehicles, why should retail savers not consider them for at least a part of their own surplus?

Savings and investments are often used interchangeably, yet the intent is different. Savings focus on safety and ready access, whereas investments aim to grow wealth; there is no reason why savings cannot be structured to do a bit of both.

Bajaj FinServ Savings+ is designed as a bridge between the comfort of a savings account and the efficiency of short term debt funds. Surplus balances above a chosen threshold in a savings account can be channelled into selected debt funds of Bajaj Finserv Mutual Fund, typically a liquid or overnight fund. These funds invest in short-term, high-quality debt instruments and seek to deliver a return profile that may exceed a standard savings rate, though outcomes remain market linked.

Experience the daily convenience like a savings account - high liquidity, quick access, and flexible redemption. Up to Rs. 50,000 is processed within minutes, while larger withdrawals follow within two days as per scheme terms.

As Ganesh Mohan, Managing Director of Bajaj Finserv Mutual Fund, puts it, the idea is to “teach your money to be on its toes instead of sitting on the sofa,” so that cash is alert and active while risk remains conservative.

Inside the Savings+ structure

The underlying portfolios of the liquid and overnight schemes used in such a structure typically emphasise short duration and strong credit quality. In many cases, long term ratings are predominantly in the AAA category, with instruments often maturing within 91 days, aligning with the need for stability and rapid access. Investors are advised to stay for at least seven days in a liquid fund to avoid exit load.

This combination gives savers the potential to earn more than basic savings rates while continuing to enjoy high liquidity. As Ganesh Mohan notes, thoughtfully designed solutions in this space can change the way retail investors view their debt allocations, opening up a largely untapped category of disciplined, yet accessible, fixed income investing.

Who Savings+ may suit

A Savings+ type solution can be relevant for conservative savers who want low volatility but seek a modest step up from savings account returns on surplus balances. It may also appeal to new mutual fund investors looking for a straightforward, relatively low risk way to begin, with emphasis on capital preservation and quick access to money.

Households that maintain sizeable contingency funds or near-term expense pools in savings accounts, and are comfortable using digital platforms, might also find this structure useful. However, it is not a substitute for long term equity investing, retirement planning or growth-oriented strategies, as there are several schemes to address different goals.

In India, more than 50 crore people are estimated to have bank accounts, which almost always imply a savings or current account. In contrast, unique mutual fund investors number only four crore in a population of about 140 crore, indicating that the mutual fund segment is still a fraction of the banking universe. If even a small portion of the balances lying idle in savings accounts were thoughtfully redirected into suitable debt funds, it could significantly expand both investor participation and the effectiveness of household money management.

Bajaj Finserv Savings+ is one illustration of this concept; other asset management companies may offer similar structures with differing features, costs and risk profiles. Consulting a qualified financial adviser is advised before taking an investment decision.

Disclaimer: Mutual fund investments are subject to market risks, and scheme related documents should be read carefully before investing.

(The writer is a retired Bengaluru-based banker. Views personal.)