INSUBCONTINENT EXCLUSIVE:
NEW DELHI: In a surprise move, the Reserve Bank of India Governor Urjit Patel resigned on Monday evening, citing personal
Viswanathan, the senior most Deputy Governor, is likely to hold charge as RBI's interim lead, ET NOW reported.
Meanwhile, Prime Minister
deep and insightful understanding of macro-economic issues
He steered the banking system from chaos to order and ensured discipline
Under his leadership, the RBI brought financial stability
Urjit Patel is a thorough professional with impeccable integrity
He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor
He leaves behind a great legacy
Patel.
"The government acknowledges with deep sense of appreciation the services rendered by Dr
Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI
It was a pleasure for me to deal with him and benefit from his scholarship
Patel all the very best and many more years of public service," Jaitley posted on Twitter.
In recent times, the relationship between the
central bank and the government has turned frosty over a host of issues, including the economic capital framework, PCA guidelines for banks
No self respecting scholar or academic can work in this government
November 19 was the day of reckoning
Dr Patel should have resigned on that day
Dr Patel may have thought that government will retrace its steps
pushing the RBI to ease lending rules, bring in more liquidity and allow easier capital norms for banks to boost economic growth ahead of
general elections due by May.
The RBI is increasingly under pressure to pay a higher dividend from its reserves to help bridge fiscal
needs the funds for any financial emergency.
The conflict dates back to late October when Deputy Governor Viral Acharya warned that
In the latest policy review, Patel refused to comment on the ongoing controversy, maintaining a tight upper lip.
