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  • Category: Miscellaneous

    RBI Governor has resigned on the ground of personal reasons

    Its a shocking news got just now. The Governor of RBI Mr. Urjit Patel has resigned from the post with immediate effect. He gives a personal reason for the decision. A big question arises in the economic sector. This the second resignation after resignation of Chief economic advisor of India Mr. Arvind Subramanian. Members, please discuss the chronic activity happens of the dispute. As it is hard to believe the reason they have sighted in the resignation. Why this rift is happening between the government and the intelligentsia?
  • #654685
    Really it is a great blow for BJP's Modi government as what media and political experts are analyzing that government is intervening in the functioning of RBI made him resign suddenly. It is clear that RBI Governor Mr.Urjit Patel resigned on the back drop of tension between Finance Ministry and him.

  • #654686
    Mr Urjit Patel was one of the most talked about recent RBI governer. Some major decisions including that of demonetization were taken in the governorship of Mr Urjit Patel. His sudden resignation is a matter of concern both for the government and the Reserve bank of India. Former RBI governor Mr Raghuram Rajan also expressed his thoughts and said that all the Indian citizens should be concerned about the sudden resignation of Mr Urjit Patel.

  • #654688
    The tension between RBI and the Finance Ministry is mounting high these days. The just outgoing chief of RBI has been hand-picked by the BJP government only. There was a speculation about his resignation from almost a month after the speech of deputy governor Viral Acharya. The differences between the government and the RBI over various issues related to liquidity, credit flow and the controls governing weak banks might have lead to his resignation. The present government should try to explore the reasons behind his resignation and should take necessary actions deemed fit.
    The government wants to ease some controls to help the government to achieve short terms goals of economic growth. But RBI is not ready to accept that in the long-term interests of the country. Anyhow the RBI board meeting is on the 14th of this month. We have to wait for the outcome of the meeting.

    drrao
    always confident

  • #654711
    The tussle between the government and the RBI is going on for a while and this resignation of Mr. Patel seems to be the fallout of that one, though he has mentioned the reasons as personal. There may be disagreement between the government and the RBI and it happened earlier too, but this resignation is significant according to many.

    The former governor of RBI Raghuram Rajan termed this resignation as a "matter of great concern". The NPA of the banks are on the rise and that's why the RBI issued circular to few banks to restrict their lending. The tussle was there related to liquidity, cash flow and few other things and according to reports of the previous meeting between the government and RBI, there was a speculation that the governor might resign at that time. He didn't do so and after that, there may be some more development between them which prompted Mr. Patel to resign today.

    There were questions raised about the central government's interference in the functioning of RBI and today's resignation has special significance because tomorrow the assembly election results of the 5 states are going to be declared. There are so many ifs and buts going on in the political circle and it seems everybody is making a calculated move.

    Sankalan

    "Life is easier when you enjoy what you do"

  • #654713
    The central government led by the BJP i having troubles one by one, mostly self made. The resignation of RBI governor Urjit Patel is the latest one. It does not bode well.
    Probably this incident may change the opinion of the unbiased, educated youth and middle class, who were holding a favourable bias to the Modi government all these days. This will make them think differently and may shake their confidence in the BJP led Modi government.
    What is to be seen now is how the results of recent elections to the states will be! If they are not good for the BJP, then great trouble for the BJP /NDA in te coming general elections.

  • #654720
    RBI is the apex institution of the country controlling the banking and economic sectors by formulating policies and guidelines in accordance with the existing rules and regulations as well as the business and economic scenario in the country.

    It has to work in great cohesion with the Govt under which it is instituted. There may be a difference of opinion between the Ministry and RBI but that is to be resolved by concrete discussions and convincing data presentations by the RBI. If RBI has apprehensions about a policy of Govt which may adversely affect the industry, business and economic situations in the country, they should boldly tell it to Govt in written instead of talking about it in the galleries of their office.

    Resigning from one's post is not a solution. Media will unnecessarily highlight it to increase their channel TRP.

    The economic reform tasks which are of national importance can not not be done in seclusion. For these to become successful, there is required a close laison between the Govt and RBI. Personal ego and individual opinions at Ministry level or in RBI will be a deterrent for the overall progress of the country.

    Knowledge is power.

  • #654725
    The resignation of Urjit Patel as the Governor of the RBI is, without doubt, the result of his opposition to the attempt by the Center to encroach into the autonomous status of the institution he was heading. He has cited personal reasons for his decision which is a normal course adopted by most of the people who are at the top levels. The Modi government has time and again exhibited their tendency to influence and involve politically into almost all the areas which otherwise enjoy an independent position as envisaged by the Constitution due to very specific and well-known reasons. Urjit Patel is the latest to protest and allowing this trend to continue will, no doubt, pose a serious threat to the fabric of our democracy.
    'Any fool can know. The point is to understand."- Albert Einstein


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