RBI chief Urjit Patel should not have resigned: board member

The Reserve Bank of India`s (RBI) Governor Urjit Patel should not have resigned "at a time when most of the controversial issues have been discussed and decided", an RBI board member told Reuters on Monday.

RBI chief Urjit Patel should not have resigned: board member
Urjit Patel cited "personal reasons" for his resignation, but it came after Prime Minister Narendra Modi`s government put pressure on the RBI to ease regulatory curbs on some banks, increase liquidity and relax capital norms. Image source: Reuters
Written By: Reuters
Updated: Mon, Dec 10, 2018
08:22 pm
Reuters
RELATED NEWS
Budget 2020 Expectations: Monetary Policy Framework may change Budget 2020 Expectations: Monetary Policy Framework may change
Want debit cards or credit cards? RBI cracks down, restricts banks from issuing these contactless cards Want debit cards or credit cards? RBI cracks down, restricts banks from issuing these contactless cards
Bad news! You can't withdraw more than Rs 35,000 from this bank now Bad news! You can't withdraw more than Rs 35,000 from this bank now
KYC alert for you! Big boost for PM Narendra Modi's Digital India - First time ever step by RBI | Check FULL TEXT of notification KYC alert for you! Big boost for PM Narendra Modi's Digital India - First time ever step by RBI | Check FULL TEXT of notification
Bank Holidays 2020: Indian banks to remain closed on these dates - Check full list Bank Holidays 2020: Indian banks to remain closed on these dates - Check full list

The Reserve Bank of India`s (RBI) Governor Urjit Patel should not have resigned "at a time when most of the controversial issues have been discussed and decided", an RBI board member told Reuters on Monday.

Patel cited "personal reasons" for his resignation, but it came after Prime Minister Narendra Modi`s government put pressure on the RBI to ease regulatory curbs on some banks, increase liquidity and relax capital norms as it faces a slowing economy ahead of general elections due by May.

The RBI and the government still need to address liquidity crunch faced by small businesses, one of RBI`s board members, Sachin Chaturvedi, told Reuters.

Here is the Zee Business tweet:

Chaturvedi said he "looked forward" to holding discussions during the Dec. 14 board meeting, which he said could now be chaired by senior most deputy governor of the central bank, N.S. Vishwanathan.