Who will be the next RBI governor? PM Modi in rush, set to announce Urjit Patel replacement today!
Government will have to take stock of current legal position now, in appointing the new head of RBI, whether interim or a full-time Governor, will be clear today, said Finance Secretary AN Jha.
A day after RBI Governor Urjit Patel resigned, the Narendra Modi government is reportedly in a rush to name the replacement. It has been indicated the Centre is set to take a decision on the next governor's name today itself. Finance Secretary AN Jha told ANI that the Centre will take a decision today in the matter.
"Government will have to take stock of current legal position now, in appointing the new head of RBI, whether interim or a full-time Governor, will be clear today," said Jha.
The successor of Urjit Patel will be named by a high-level panel headed by the Cabinet Secretary. Once the panel finalises the name, it will be sent to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
Patel's resignation is reportedly the outcome of tussle between the RBI and the Centre. The Modi government has been putting pressure on the RBI to ease lending curbs and capital requirements, and gain access to RBI's capital reserves.
Patel was appointed as governor in September, 2016, just two months before demonetisation was announced by PM Modi, and has resigned early, leaving his tenure incomplete.
Some prominent names that have cropped up for the posts are former economic affairs secretary Shakti Kanta Das and Senior most deputy governor N S Vishwanathan, according to Zee Business TV.
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Meanwhile, in another surprising move, Eminent economist and columnist Surjit Bhalla said he has resigned as a part-time member of Economic Advisory Council to the Prime Minister on December 1. A Prime Minister's Office spokesman said that Bhalla's resignation has been accepted by the Prime Minister.