Rbi Governer Urjit Patel Resign

Finance Minister Arun Jaitley on Tuesday said the government did not seek resignation of Urjit Patel as RBI Governor over differences on some issues, and went on to cite how central bank heads were made to resign under prime ministers Jawaharlal Nehru and Indira Gandhi and when Yashwant Sinha was finance minister.

Urjit Patel's resignation from the post of Reserve Bank of India governor has spurred a number of economists - including his predecessor Raghuram Rajan - to stress on the need for the country's top institutions to function in a manner "independent" of the government's demands.

This is the first board meeting after the RBI's former chief Urjit Patel's resignation earlier this week following widening differences between the government and the central bank.

Attacking the Narendra Modi government over its differences with RBI Governor Urjit Patel who resigned on Monday midway through his term, former Union Finance Minister P Chidambaram on Thursday said the Modi government thinks it owns the RBI.

Central banks are usually pretty boring places, home to technocrats who keep watch on inflation and exchange rates and pride themselves on avoiding public controversy.

On Monday, Urjit Patel's resignation came after over a month-long tussle over policy with government that raised concerns about RBI's independence.

There's no obvious candidate, but local media are floating names of several people, including Subhash Chandra Garg, and Rajiv Kumar, both of whom are RBI board members.

The government is bent on weakening the RBI and making it pliable to meet its own political needs, said All India Bank Employees' Association General Secretary CH Venkatachalam.

The story that culminated in RBI Governor Urjit Patel's resignation probably began the day when the Modi government decided to appoint S Gurumurthy to the RBI's board. The swadeshi-spouting chartered accountant who believed that the RBI "has lost its capacity to think for India", and who had openly blamed it for the economic troubles of Indi...

India's government is conducting a dangerous experiment in economic management. This week, following renewed pressure to conform to the government's thinking, the head of the Reserve Bank of India, Urjit Patel, resigned, citing "personal reasons."

The government and the RBI have been fighting for weeks over how much autonomy the bank should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.

Prime Minister Narendra Modi described Reserve Bank of India (RBI) Governor Urjit Patel as a "thorough professional with impeccable integrity" in a tweet today, minutes after the top central bank official resigned with immediate effect. His government was embroiled in a bitter clash with the RBI over autonomy issues until recently, a factor that ma...

Reserve Bank of India (RBI) Governor Urjit Patel stepped down from his position today, months after a conflict between the central bank and the Narendra Modi government stormed into the open. The opposition parties were quick to blame the government for his decision, with the Congress declaring it as the "result of our chowkidar's assault on democr...

RSS ideologue and independent director on RBI board S Gurumurthy Monday described the resignation of Urjit Patel as a setback to the convergence that the central bank and the government were reaching on contentious issues.

Mr Patel, who succeeded Raghuram Rajan in September 2016 for a three-year term, has been at loggerheads with the finance ministry on matters including the banking crisis and interest rates.

Finance Minister Arun Jaitley on Tuesday said the government did not seek resignation of Urjit Patel as RBI Governor over differences on some issues, and went on to cite how central bank heads were made to resign under prime ministers Jawaharlal Nehru and Indira Gandhi and when Yashwant Sinha was finance minister.

Urjit Patel's resignation from the post of Reserve Bank of India governor has spurred a number of economists - including his predecessor Raghuram Rajan - to stress on the need for the country's top institutions to function in a manner "independent" of the government's demands.

This is the first board meeting after the RBI's former chief Urjit Patel's resignation earlier this week following widening differences between the government and the central bank.

Attacking the Narendra Modi government over its differences with RBI Governor Urjit Patel who resigned on Monday midway through his term, former Union Finance Minister P Chidambaram on Thursday said the Modi government thinks it owns the RBI.

Central banks are usually pretty boring places, home to technocrats who keep watch on inflation and exchange rates and pride themselves on avoiding public controversy.

On Monday, Urjit Patel's resignation came after over a month-long tussle over policy with government that raised concerns about RBI's independence.

There's no obvious candidate, but local media are floating names of several people, including Subhash Chandra Garg, and Rajiv Kumar, both of whom are RBI board members.

The government is bent on weakening the RBI and making it pliable to meet its own political needs, said All India Bank Employees' Association General Secretary CH Venkatachalam.

The story that culminated in RBI Governor Urjit Patel's resignation probably began the day when the Modi government decided to appoint S Gurumurthy to the RBI's board. The swadeshi-spouting chartered accountant who believed that the RBI "has lost its capacity to think for India", and who had openly blamed it for the economic troubles of Indi...

India's government is conducting a dangerous experiment in economic management. This week, following renewed pressure to conform to the government's thinking, the head of the Reserve Bank of India, Urjit Patel, resigned, citing "personal reasons."

The government and the RBI have been fighting for weeks over how much autonomy the bank should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.

Prime Minister Narendra Modi described Reserve Bank of India (RBI) Governor Urjit Patel as a "thorough professional with impeccable integrity" in a tweet today, minutes after the top central bank official resigned with immediate effect. His government was embroiled in a bitter clash with the RBI over autonomy issues until recently, a factor that ma...

Reserve Bank of India (RBI) Governor Urjit Patel stepped down from his position today, months after a conflict between the central bank and the Narendra Modi government stormed into the open. The opposition parties were quick to blame the government for his decision, with the Congress declaring it as the "result of our chowkidar's assault on democr...

RSS ideologue and independent director on RBI board S Gurumurthy Monday described the resignation of Urjit Patel as a setback to the convergence that the central bank and the government were reaching on contentious issues.

Mr Patel, who succeeded Raghuram Rajan in September 2016 for a three-year term, has been at loggerheads with the finance ministry on matters including the banking crisis and interest rates.