Urjit Patel Arun Jaitley

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.

Jaitley said the RBI has the responsibility as far as credit and liquidity is concerned and it is not an issue of confrontation if the "sovereign accountable government" forces the issue for a discussion and redressal by the RBI.

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...

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.

Urjit Patel resigned as Reserve Bank of India Governor on Monday amid growing differences with the government over a range of subjects including the central bank's autonomy. "On account of personal reasons, I have decided to step down from my current position effective immediately," said the 55-year-old in the letter announcing his shock resignatio...

As the Reserve Bank of India (RBI) board met in Mumbai today amid the central bank's public spat with the government over a range of subjects, Rahul Gandhi seized the chance to target Prime Minister Narendra Modi in a tweet. "Hope Urjit Patel has a spine and will show PM his place," the Congress president tweeted shortly after the RBI board meeting...

RBI vs government: Though the government has maintained it has no intention of forcing the RBI's hand to do its bidding, the opposition has alleged the NDA regime intends to plough into the precious reserves of the central bank in election season

The meeting of the board of the Reserve Bank of India has started amid what analysts say an atmosphere of mistrust over perceived government interference on the central bank's functioning. Though the government has maintained it has no intention of forcing the RBI's hand to do its bidding, the opposition has alleged the NDA regime intends to plough...

India will send a "bad signal" to the global markets if the chief of the central bank, Urjit Patel, resigned over alleged attempts by the government to change rules for tighter control of the RBI, said Congress leader Veerappa Moily, who is also the chairman of the parliamentary standing committee on finance.

The centre has proposed changing rules that will enable closer supervision of the Reserve Bank of India, people with knowledge of the matter said, a move that may undermine investor confidence in the world's fastest-growing major economy.

Finance Minister Arun Jaitley today lashed out at critics of demonetisation, dubbing them "prophets of doom" hours after former prime minister Manmohan Singh's scathing takedown of the move he said had left scars and wounds that were getting more visible with time. Attacked by the opposition on the second anniversary of the notes ban, Mr Jaitley sa...

The Reserve Bank of India (RBI) and the government appear to be heading on a collision course after one of the top officials of the central bank warned that undermining the RBI's independence could be "potentially catastrophic". Reports that RBI Governor Urjit Patel may resign after a breakdown in relations with the government also fuelled the cris...

Two years ago, when Urjit Patel replaced the flamboyant Raghuram Rajan as the 24th governor of the Reserve Bank of India, he had a quiet first day at work away from media glare. He had already served as the deputy governor at the RBI for three years before that. He was expected to maintain a low profile unlike his predecessor who had reportedly ups...

Finance Minister Arun Jaitley and RBI governor Urjit Patel came face-to-face at a meeting of a financial stability body today amid tension after Mr Patel's deputy made a strong call for autonomy for the central bank in a speech on Friday. The government asked RBI or the Reserve Bank of India for an assurance that any liquidity crisis faced by non-b...

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.

Jaitley said the RBI has the responsibility as far as credit and liquidity is concerned and it is not an issue of confrontation if the "sovereign accountable government" forces the issue for a discussion and redressal by the RBI.

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...

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.

Urjit Patel resigned as Reserve Bank of India Governor on Monday amid growing differences with the government over a range of subjects including the central bank's autonomy. "On account of personal reasons, I have decided to step down from my current position effective immediately," said the 55-year-old in the letter announcing his shock resignatio...

As the Reserve Bank of India (RBI) board met in Mumbai today amid the central bank's public spat with the government over a range of subjects, Rahul Gandhi seized the chance to target Prime Minister Narendra Modi in a tweet. "Hope Urjit Patel has a spine and will show PM his place," the Congress president tweeted shortly after the RBI board meeting...

RBI vs government: Though the government has maintained it has no intention of forcing the RBI's hand to do its bidding, the opposition has alleged the NDA regime intends to plough into the precious reserves of the central bank in election season

The meeting of the board of the Reserve Bank of India has started amid what analysts say an atmosphere of mistrust over perceived government interference on the central bank's functioning. Though the government has maintained it has no intention of forcing the RBI's hand to do its bidding, the opposition has alleged the NDA regime intends to plough...

India will send a "bad signal" to the global markets if the chief of the central bank, Urjit Patel, resigned over alleged attempts by the government to change rules for tighter control of the RBI, said Congress leader Veerappa Moily, who is also the chairman of the parliamentary standing committee on finance.

The centre has proposed changing rules that will enable closer supervision of the Reserve Bank of India, people with knowledge of the matter said, a move that may undermine investor confidence in the world's fastest-growing major economy.

Finance Minister Arun Jaitley today lashed out at critics of demonetisation, dubbing them "prophets of doom" hours after former prime minister Manmohan Singh's scathing takedown of the move he said had left scars and wounds that were getting more visible with time. Attacked by the opposition on the second anniversary of the notes ban, Mr Jaitley sa...

The Reserve Bank of India (RBI) and the government appear to be heading on a collision course after one of the top officials of the central bank warned that undermining the RBI's independence could be "potentially catastrophic". Reports that RBI Governor Urjit Patel may resign after a breakdown in relations with the government also fuelled the cris...

Two years ago, when Urjit Patel replaced the flamboyant Raghuram Rajan as the 24th governor of the Reserve Bank of India, he had a quiet first day at work away from media glare. He had already served as the deputy governor at the RBI for three years before that. He was expected to maintain a low profile unlike his predecessor who had reportedly ups...

Finance Minister Arun Jaitley and RBI governor Urjit Patel came face-to-face at a meeting of a financial stability body today amid tension after Mr Patel's deputy made a strong call for autonomy for the central bank in a speech on Friday. The government asked RBI or the Reserve Bank of India for an assurance that any liquidity crisis faced by non-b...