RBI governor Urjit Patel could resign on November 19: report


New Delhi, Nov 7 (Reuters): Reserve Bank of India (RBI) Governor Urjit Patel could resign at the central bank’s next board meeting on November 19, online financial publication Moneylife reported on Wednesday, citing sources in touch with the governor.

The government and the RBI have been fighting for weeks over how much autonomy the RBI 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.

The rift worsened late last month when one of the bank’s deputy governors said in a speech that undermining central bank independence could be “potentially catastrophic”.

Moneylife’s report said if the feud escalates further, there is “a good chance” Patel will resign at the RBI’s next meeting, saying he was tired of the struggle with the government, and it was having a negative impact on his health.

The report did not cite the number of sources. The RBI did not immediately respond to a request for comment.

The story was written by veteran Indian financial journalist Sucheta Dalal who is well known for her investigative reporting. She is one of the founders of Moneylife.

Reuters reported on Tuesday that the government intends to keep pressing its demands even if it risks provoking a resignation by Patel, according to three sources familiar with the government’s thinking.

  

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Comment on this article

  • Aubb, India / Kuwait

    Wed, Nov 07 2018

    Whether Patel has reasons to resign or not, he will surely be answerable to SC for not following orders in the interest of Indians.

    Jai Hind!!!!

    DisAgree Agree Reply Report Abuse

  • Krishna Dasa, Udupi,.

    Wed, Nov 07 2018

    Rupees may hit high has 100 per Dollar. Let us get ready to welcome more foreign visitors

    DisAgree Agree [7] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Wed, Nov 07 2018

    All stage managed show....!!!! Govt is making RBI Governor as scapegoat..,

    DisAgree [1] Agree [5] Reply Report Abuse

  • SMR, Karkala

    Wed, Nov 07 2018

    Both the CBI and the RBI are victims of an autocratic style of functioning wherein an individual’s word carries more weight than an institution’s wisdom. It is the violation of democratic principles
    What is the problem between the Finance Ministry and the RBI? The government wants RBI to ease the lending process, particularly to the small and medium businesses, and allow liquidity in the market. But the RBI is not willing to buy the government view. Its version is that there is already pressure on public sector banks due to mounting NPAs for a long time now.
    The Modi government seems to be running on two-and-a-half power centers. All power is concentrated between the Prime Minister and the ruling party president with the National Security Advisor (NSA) chipping in as the troubleshooter trying to fix those who are unwilling to swallow the dictates of the PMO.
    It is, therefore, not just the CBI or the RBI which are facing problems. It is now a national crisis affecting almost all institutions that safeguard Indian democracy. It is dangerous for the country.

    The RBI shall disclose the bad debt details of defaulters worth more than ₹1,000 crore at the beginning, of ₹500 crore or less at a later stage within five days and collect such information from the banks in due course to update their voluntary disclosures from time to time as a practice under section 4(1)(b) of the RTI Act,
    The Swadeshi Jagran Manch, associated with the RSS, said clearly that RBI governor should either work toeing the lines of the government, or he should resign. It is forced resignation after Show-cause notice to RBI governor Urjit Patel for non-disclosure of wilful defaulters list.
    The former RBI Governor Rajan alerted the PM Modi government with the defaulter list to PMO office before Choksi, Nirav Modi made haste of looting $2 Billion from Indian PSU which Modi government threw under the carpet.
    If the Indian economy fails BJP MP Subramanian Swami and RSS wing will be held responsible.
    JH

    DisAgree Agree [8] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Nov 07 2018

    Never happened in 71 years of congress rule and economy was growing in all fronts. People did not have any grievances about congress till BJP assured them something better but now people are realizing it was all hoax and fake promises by BJP, rather they feel it's worst 4 years in history of India. Same as they kept congress aside just by listening to your buzzing words now those same people will dump you practically seeing your accomplishments and no gain rather hardship and misery.

    DisAgree Agree [12] Reply Report Abuse

  • sri_elder, Karkala

    Wed, Nov 07 2018

    Yes more loans should be available for businesses to accelerate the current growth..

    Government need to explore for more gold and oil reserves... Improve exports... Do not forget to promote Indian rupees globally.. Alternative for US dollars... Demand Indian rupees while paying off export bill...

    DisAgree [19] Agree [3] Reply Report Abuse

  • Rolf, Dubai

    Wed, Nov 07 2018

    you forgot to mention.
    more cow matha flesh export skinned and stuffed.
    cowdung export .
    cow muther export.
    pickle export .

    DisAgree Agree [3] Reply Report Abuse

  • Richard, India

    Wed, Nov 07 2018

    Imagine if RBI falls under the management of an unqualified politically deviated person....
    O God,
    Save this country from the thieves .

    DisAgree Agree [17] Reply Report Abuse

  • Janet Crasto, Dubai

    Wed, Nov 07 2018

    This is a period where the unqualified are teaching the qualified what to do. It is better if qualified people take over the ruins in which India suffered from demonetisation and weak policies. They get a masters degree within a day and fool people as if we don't understand. I admit, people wanted a change and elected BJP, and what a change they gave. They changed the rupee note and the names of all places. But the real change should come from the youngsters, who need the come forward and form a party and lead the people. Educated people, please wake up ........

    DisAgree Agree [12] Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Wed, Nov 07 2018

    If he resigned also , Modiji won't allow him to escape to foreign country

    DisAgree [3] Agree [4] Reply Report Abuse

  • Gilbert, Udupi/Kuwait

    Wed, Nov 07 2018

    Mostly RSS man will take charge as new RBI Governor!!! We can only hope for better if people vote for liberal parties and change Government during the next elections!!!

    DisAgree Agree [25] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Nov 07 2018

    Tomorrow is 8th November 2018.
    Be prepared for a surprise from Mitroo ...

    DisAgree Agree [31] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Wed, Nov 07 2018

    Baba Ramdev will be chosen as Minister for 'Cow Ministry'
    This man always propagates about make in India and indigenous manufacture of products but never bothered to advise Modisaab about Sardar's statue which was commissioned Chinese firm.
    We need him to conduct his yoga cum dance in Reality shows.

    DisAgree Agree [23] Reply Report Abuse

  • Shankar, Mangaluru

    Wed, Nov 07 2018

    Why are you so jealous of Ramdev's success story?
    Warren Buffet and Bill gates are idolized by you!!!!!

    DisAgree [19] Agree Reply Report Abuse

  • James Philip D sa, Belman/Kuwait

    Wed, Nov 07 2018

    Urjit Patel will be summoned by the CIC soon. He did not obey the notice from SC to submit the names of the loan frauds also CIC is given a deadline to submit the names before 16th Nov. If all the banks disclose the names of the big industrialists who has taken more than 50 crore loan and not repaid then there will be a revolution and the rupee will fall 150 against 1USD.

    DisAgree Agree [17] Reply Report Abuse

  • Aubb, India / Kuwait

    Wed, Nov 07 2018

    @James,

    Hold on to your FC holdings!! Time is ripe for appreciation!!

    DisAgree Agree Reply Report Abuse

  • KA DSilva, Dubai

    Wed, Nov 07 2018

    best suitable candidate will be our own Honourable MP Sri Nalin Kumar Niranjan Shetty Kateel ,
    he can bring down value of Dollar........or else he can burn.....

    DisAgree Agree [21] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Nov 07 2018

    BJP Ka Bad Luck Bhi Karab Hai ...

    DisAgree Agree [18] Reply Report Abuse

  • Indian, Bangalore

    Wed, Nov 07 2018

    I am sure, BJP will appoint Baba Ramdev as the New RBI Goernor.

    DisAgree [1] Agree [33] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Wed, Nov 07 2018

    @ Shankar,
    Any sensible qualified person may not come to the rescue or accept the position wherein, Central government interferes (pokes nose) in the day to day working and other administrative duties of the Institution.
    Let Jaitely take the responsibility. We have ministerial bulk, more than half re not qualified to position or post they are handling and how our country will progress in right direction. BJP's favoritism has brought all the down fall.
    Judge countries progress and achievements from right leadership and able Ministers and not only by BJP/RSS perspective.
    Our Capital and other northern States are suffering with severe/extreme air polution and PM has no time to address the issue.

    DisAgree Agree [21] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Nov 07 2018

    chiwala will bring 1 petta ಪೆತ್ತ from gujarat 4 r.b.i. governor post.

    DisAgree Agree [22] Reply Report Abuse

  • Narendra dhoni, Udupi

    Wed, Nov 07 2018

    BJP have another deserving candidate Janardhana Reddy for RBI governer.

    DisAgree [1] Agree [32] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Wed, Nov 07 2018

    The PM and FM are not able to carry on a proper fiscal policy, but, you seem to be carrying on monetary policy correctly in the interest of the nation. Please do not budge from the principles. Sher bukka marenga, magar gaas nahi kayenga.

    DisAgree Agree [19] Reply Report Abuse

  • Shankar, Mangaluru

    Wed, Nov 07 2018

    Don't bring Raghuram again!!

    DisAgree [32] Agree [5] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Nov 07 2018

    u can keep subbu swamy. he will make plastic currency.

    DisAgree [1] Agree [29] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Nov 07 2018

    ಪೆತ್ತ ಸರಕಾರದ ಕೈಕಂಜಿ ದರ್ಜೆದ ಆಡಳಿತ. after urjit patel ನನ ಪೇರ್-ಕ್ ಏತಲಾ ನೀರ್ ಪಾಡೊಲಿ.

    DisAgree [1] Agree [25] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Wed, Nov 07 2018

    Let BJP play any number of foul games and crooked will power and mysterious ways to hide their blunders but secrets will surely unfold one day.
    People have keept too much faith on the government.
    Let our government do some magic to boost Rupee ex. value.

    DisAgree [1] Agree [17] Reply Report Abuse

  • Sahil, Mangaluru

    Wed, Nov 07 2018

    Let him provide clear status report again on demonetisation than accept his resignation and if there is any miss match hand investigations him CBI to start investigation ordination with auditor.

    DisAgree Agree [21] Reply Report Abuse

  • Sahil, Mangaluru

    Wed, Nov 07 2018

    Correction hand over.

    DisAgree Agree [10] Reply Report Abuse

  • Rational thinker, Mangalore

    Wed, Nov 07 2018

    The Supreme Court, the CBI and the RBI are no more autonomous and independent.
    This is what we call "Achche Din"

    DisAgree [2] Agree [22] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Wed, Nov 07 2018

    Right time in view of forthcoming elections.
    Those who are having USD just maintain.
    Chances of rupee value falling further.
    Collapse of economy, CBI controversy
    something major after 2019 LS elections!

    DisAgree [1] Agree [24] Reply Report Abuse

  • Aubb, India / Kuwait

    Wed, Nov 07 2018

    @Rolf,

    Pls add Mirchi Pakoda and Chai, Gujrati style as well.

    DisAgree Agree Reply Report Abuse

  • Sahil, Mangaluru

    Wed, Nov 07 2018

    Most of them wish after Urjit followed by Amit shah.jootley.boginath and modiji.

    DisAgree [1] Agree [25] Reply Report Abuse


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Title: RBI governor Urjit Patel could resign on November 19: report



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