Reserve Bank of India Governor Dr. Urjit Patel Resigned

By IndraStra Global News Team

By IndraStra Global News Team

Image Attribute: The file photo of Dr. Urjit Patel / Source: Press Trust of India (PTI)

Image Attribute: The file photo of Dr. Urjit Patel / Source: Press Trust of India (PTI)

The Reserve Bank of India (RBI) Governor Dr. Urjit Patel has resigned, citing personal reasons. Dr. Patel said he was resigning on account of personal reasons.

Dr. Patel offered the following statement;

"On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management have been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future." 

The government did not state the reasons for Dr. Patel’s resignation. However, Finance Minister Arun Jaitley expressed his views through series of tweets "The government acknowledges with a deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as a governor and the deputy governor of the RBI. It was pleasure for me deal with him and benefit from this scholarship".

And, on this matter, Dr. Raghuram Rajan (Former RBI Governor) said - "I think this is something all Indians should be concerned about because the strength of our institution is really important both for growth and sustainable growth in equity and the economy."

RBI and the Ministry of Finance (MoF) have been at loggerheads since October (2018) on three key issues that are related to liquidity, credit flow and the controls governing weak banks, especially the Public Sector Banks (PSBs). The government was seen to be ramping up pressure on RBI to release the reserves, which, critics said, would help boost the economy in an election year. Lately, it was reported that the central government could use its powers under Section 7 of the RBI Act to override Dr. Patel (in case RBI goes against the government's will). This particular section empowers the government to issue directions in public interest to the central bank, which otherwise does not take orders from the government.

However, during the last board meeting of the RBI (held on November 19) both the parties (RBI and MoF) agreed on working together finally. And, consequently, in the fifth bi-monthly Monetary Policy Committee (MPC) meeting (held on December 5), Dr. Patel did not touch the conventional repo rates nor did he lower the cash reserve ratio (CRR) for more money to flow into the system. But, he chose to open multiple other unconventional taps which could ensure system-wide cash flow on a gradual basis to take care of a credit crunch. One such tap is the statutory liquidity ratio (SLR), which RBI has decided to reduce by 25 basis points to 19.25%, effective Jan. 01, 2019. It also said the SLR would be reduced by 25 basis points (or 0.25 percentage points) every quarter until it reaches 18%. 

Dr. Patel's resignation came just days before RBI's next board meeting which is scheduled for December 14. His resignation is a critical development and giving enough ammunition to the opposition's salvo to target the Modi administration in the upcoming general election (due to be held in April/May 2019).
Name

-51,1,3D Technology,2,5G,6,Abkhazia,2,Academics,9,Accidents,19,Activism,1,ADB,10,ADIZ,1,Adults,1,Advertising,30,Advisory,1,Aerial Reconnaissance,11,Aerial Warfare,34,Aerospace,4,Afghanistan,81,Africa,108,Agile Methodology,2,Agriculture,15,Air Crash,9,Air Defence Identification Zone,1,Air Defense,5,Air Force,26,Air Pollution,1,Airbus,4,Aircraft Carriers,3,Aircraft Systems,1,Al Nusra,1,Al Qaida,3,Al Shabab,1,ALBA,1,Albania,2,Algeria,3,American History,4,AmritaJash,10,Antarctic,1,Anthropology,7,Anti Narcotics,11,Anti Tank,1,Anti-Corruption,3,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,1,APEC,1,Apple,2,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,1,Arctic,6,Argentina,7,Armenia,26,Army,3,Art,1,Artificial Intelligence,62,Arunachal Pradesh,1,ASEAN,10,Asia,63,Asia Pacific,22,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,7,Australia,43,Austria,1,Automation,13,Automotive,123,Autonomous Flight,2,Autonomous Vehicle,2,Aviation,57,AWACS,1,Awards,17,Azerbaijan,14,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,1,Balance of Trade,3,Balkan,10,Baltic,3,Baluchistan,8,Bangladesh,27,Banking,48,Bankruptcy,1,Basel,1,Bashar Al Asad,1,Bay of Bengal,5,BBC,1,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,9,Big Data,29,Big Tech,1,Bilateral Cooperation,13,BIMSTEC,1,Biography,1,Biotechnology,2,BISA,1,Bitcoin,7,Black Lives Matter,1,Black Money,2,Black Sea,1,Blockchain,31,Blood Diamonds,1,Bloomberg,1,Boeing,19,Boko Haram,7,Bolivia,6,Bomb,2,Bond Market,1,Book,10,Book Review,17,Border Conflicts,5,Border Control and Surveillance,5,Bosnia,1,Brand Management,14,Brazil,99,Brexit,22,BRI,5,BRICS,16,British,3,Broadcasting,16,Brunei,2,Brussels,1,Buddhism,1,Budget,3,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,963,C-UAS,1,California,4,Call for Proposals,1,Cambodia,5,Cameroon,1,Canada,46,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,8,CAREC,1,Caribbean,9,CARICOM,1,Caspian Sea,2,Catalan,3,Caucasus,9,CBRN,1,Central African Republic,1,Central Asia,73,Central Asian,3,Central Eastern Europe,45,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,1,Chemicals,7,Child Labor,1,Children,4,Chile,10,China,437,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,1,Civil Liberties,4,Civil Rights,2,Civil Society,4,Civilization,1,Clean Energy,4,Climate,62,Climate Change,12,Clinical Research,3,Clinton,1,Cloud Computing,39,Coal,4,Coast Guard,3,Cognitive Computing,12,Cold War,4,Colombia,15,Commodities,3,Communication,8,Communism,3,Compliance,1,Computers,40,Conferences,1,Conflict,78,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,1,Construction,4,Consumer Behavior,4,Consumer Price Index,1,COP26,3,Coronavirus,105,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,13,Counter Terrorism,79,COVID,4,COVID Vaccine,5,CPEC,7,CPG,3,Credit,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,11,Cryptography,1,CSTO,1,Cuba,6,Culture,4,Currency,6,Customer Relationship Management,1,Cyber Attack,6,Cyber Crime,2,Cyber Security & Warfare,103,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,9,Data Analytics,35,Data Science,2,Database,2,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,9,Decision Support System,5,Defense,9,Defense Deals,5,Deforestation,2,Democracy,20,Democrats,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,38,Digital Economy,4,Digital Marketing,2,Digital Transformation,10,Diplomacy,10,Disaster Management,4,Disinformation,1,Djibouti,2,Documentary,2,Doklam,1,Dokolam,1,Dominica,2,Donald Trump,42,Donetsk,2,Dossier,2,Drones,10,E-Government,2,E-International Relations,1,Earning Reports,1,Earth Science,1,Earthquake,5,East Africa,1,East China Sea,9,eBook,1,ECB,1,eCommerce,11,Econometrics,1,Economic Justice,1,Economics,38,Economy,65,ECOWAS,2,Ecuador,3,Edge Computing,2,Education,60,Egypt,23,Elections,28,Electric Vehicle,10,Electricity,5,Electronics,7,Emerging Markets,1,Employment,12,Energy,305,Energy Policy,27,Energy Politics,23,Engineering,23,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,45,ePayments,8,Epidemic,5,ESA,1,Ethiopia,3,Eulogy,2,Eurasia,3,Euro,5,Europe,5,European Union,214,EuroZone,5,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,3,F-35,5,Facebook,7,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1100,Fidel Castro,1,Fiji,1,Finance,16,Financial Markets,47,Financial Statement,2,Finland,5,Fintech,13,Fiscal Policy,11,Fishery,3,Food Security,22,Forces,1,Forecasting,1,Foreign Policy,11,Forex,1,France,26,Free Market,1,Free Syrian Army,4,Freedom,3,Freedom of Speech,1,FTC,1,Fujairah,97,Fund Management,1,Funding,22,Future,1,G20,6,G24,1,G7,3,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,8,GATT,1,Gaza,2,GCC,11,GDP,7,GDPR,1,Geneal Management,1,General Management,1,Geo Politics,103,Geography,1,Geoint,14,Geopolitics,5,Georgia,11,Georgian,1,geospatial,8,Geothermal,2,Germany,56,Ghana,3,Gibratar,1,Global Trade,88,Global Warming,1,Global Water Crisis,10,Globalization,2,Gold,1,Google,13,Gorkhaland,1,Government,125,GPS,1,Greater Asia,124,Greece,12,Green Bonds,1,Greenland,1,Gross Domestic Product,1,GST,1,Gujarat,6,Gun Control,4,Hacking,4,Haiti,2,Hasan,1,Health,7,Healthcare,71,Heatwave,1,Helicopter,10,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,11,Houthi,11,Howitzer,1,Human Development,28,Human Resource Management,5,Human Rights,4,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,2,IAEA,2,ICBM,1,ICO,1,Identification,2,IDF,1,Imaging,2,IMF,66,Immigration,16,Impeachment,1,Imran Khan,1,Independent Media,72,India,525,India's,1,Indian Air Force,18,Indian Army,5,Indian Nationalism,1,Indian Navy,22,Indian Ocean,16,Indices,1,Indo-Pacific,2,Indonesia,16,IndraStra,1,Industrial Accidents,3,Industrial Automation,2,Industrial Safety,4,Inflation,4,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,7,Internet,52,Internet of Things,34,Interview,8,Intra-Government,5,Investigative Journalism,3,Investment,31,Investor Relations,1,IPO,4,Iran,184,Iraq,52,IRGC,1,Iron & Steel,1,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,117,IT ITeS,129,Italy,10,Jabhat al-Nusra,1,Jamaica,3,Japan,56,JASDF,1,Jihad,1,Joe Biden,3,Joint Strike Fighter,4,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,8,Kazakhstan,22,Kenya,5,Kiev,1,Kindle,700,Knowledge Management,3,Kosovo,2,Kurdistan,8,Kurds,10,Kuwait,6,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,2,Land Warfare,21,Languages,1,Laos,1,Laser Defense Systems,1,Latin America,79,Law,5,Leadership,3,Lebanon,9,Legal,9,Liberalism,1,Library Science,1,Libya,12,Littoral Warfare,2,Livelihood,3,Loans,8,Lockdown,1,Lone Wolf Attacks,1,Lugansk,2,Macedonia,1,Machine Learning,7,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,10,Maldives,7,Mali,5,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,14,Marijuana,1,Marine Engineering,3,Maritime,37,Market Research,2,Marketing,38,Mars,2,Martech,9,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,MDGs,1,Mechatronics,2,Media War,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,15,Meta,1,Metadata,2,Metals,1,Mexico,8,Micro-finance,4,Microsoft,11,Migration,19,Mike Pence,1,Military,99,Military Exercise,8,Military-Industrial Complex,1,Mining,15,Missile Launching Facilities,5,Missile Systems,51,Mobile Apps,3,Mobile Communications,10,Mobility,4,Modi,7,Moldova,1,Monaco,1,Monetary Policy,5,Money Market,2,Mongolia,8,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,1,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Myanmar,24,NAFTA,3,NAM,2,Nanotechnology,4,NASA,12,National Security,5,Nationalism,2,NATO,29,Natural Disasters,10,Natural Gas,28,Naval Base,5,Naval Engineering,17,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,42,Navigation,2,Navy,21,NBC Warfare,2,Negotiations,1,Nepal,12,Neurosciences,6,New Delhi,4,New Normal,1,New York,4,New Zealand,5,News,1004,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nirbhaya,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,21,North America,37,North Korea,48,Norway,2,NSA,1,NSG,2,Nuclear,36,Nuclear Agreement,29,Nuclear Doctrine,1,Nuclear Security,43,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,4,OFID,5,Oil & Gas,327,Oil Gas,5,Oil Price,49,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,112,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,Operation Unified Protector,1,Operational Research,4,Opinion,609,Pacific,5,Pakistan,155,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,21,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,1,Paracels,1,Partition,1,Partnership,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,5,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,13,Philippines,10,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLAN,3,Plastic Industry,2,Poland,7,Polar,1,Policing,1,Policy,7,Policy Brief,6,Political Studies,1,Politics,36,Polynesia,3,Population,3,Portugal,1,Poverty,5,Power Transmission,6,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,158,Prison System,1,Privacy,17,Private Equity,1,Private Military Contractors,1,Programming,1,Project Management,4,Propaganda,4,Protests,7,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publishing,6,Putin,4,Q&A,1,Qatar,95,QC/QA,1,Qods Force,1,Quantum Computing,2,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,1,Rahul Guhathakurta,4,Railway,7,Raj,1,Ranking,4,Rape,1,RCEP,1,Real Estate,1,Recall,4,Recession,1,Red Sea,2,Referendum,5,Reforms,17,Refugee,23,Regional,4,Regulations,1,Rehabilitation,1,Religion & Spirituality,9,Renewable,13,Reports,35,Repository,1,Republicans,2,Rescue Operation,1,Research,4,Research and Development,19,Retail,36,Revenue Management,1,Risk Management,4,Robotics,8,Rohingya,5,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,256,Russian Navy,4,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,3,SAR,1,SAT,1,Satellite,12,Saudi Arabia,121,Scandinavia,6,Science & Technology,329,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,1,Securities,1,Security,6,Semiconductor,2,Senate,4,Senegal,1,SEO,3,Serbia,4,Seychelles,1,SEZ,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shipping,5,Shutdown,1,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,4,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,11,Situational Awareness,16,Smart Cities,7,Social Media Intelligence,40,Social Policy,39,Social Science,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,11,Somalia,5,South Africa,18,South America,45,South Asia,396,South China Sea,30,South East Asia,58,South Korea,41,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,7,Space,38,Space Station,2,Spain,8,Special Forces,1,Sports,2,Sports Diplomacy,1,Spratlys,1,Sri Lanka,20,Stamps,1,Startups,43,State of the Union,1,STEM,1,Stephen Harper,1,Stock Markets,15,Storm,2,Strategy Games,5,Sub-Sahara,3,Submarine,13,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,37,Surveillance,8,Survey,5,Sustainable Development,14,Swami Vivekananda,1,Sweden,3,Switzerland,3,Syria,111,Taiwan,16,Tajikistan,11,Taliban,15,Tamar Gas Fields,1,Tanzania,4,Tariff,4,Taxation,22,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,21,Telematics,1,Territorial Disputes,1,Terrorism,73,Testing,2,Texas,3,Thailand,6,The Middle East,600,Think Tank,284,Tibet,2,TikTok,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,2,TPP,2,Trade Agreements,13,Trade War,9,Trademarks,1,Trainging and Development,1,Transcaucasus,16,Transcript,4,Transpacific,2,Transportation,39,Travel and Tourism,4,Tsar,1,Tunisia,7,Turkey,73,Turkmenistan,9,U.S. Air Force,3,U.S. Dollar,1,UAE,130,UAV,21,UCAV,1,Udwains,1,Uganda,1,Ukraine,88,Ukraine War,3,Ummah,1,UNCLOS,6,Unemployment,1,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,67,United Nations,27,United States,626,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,8,US Army Aviation,1,US Congress,1,US Navy,15,US Postal Service,1,US Space Force,2,USA,16,USAF,18,UUV,1,Uyghur,3,Uzbekistan,11,Valuation,1,Vatican,1,Vedant,1,Venezuela,18,Venture Capital,3,Victim,1,Videogames,1,Vietnam,18,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,16,Water Politics,6,Weapons,10,Wearable,2,Weather,2,Webinar,1,WEF,2,Welfare,1,West,2,West Africa,17,West Bengal,2,Western Sahara,2,Whitepaper,2,WHO,3,Wikileaks,1,Wikipedia,1,Wildfire,1,Wildlife,2,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,10,Workshop,1,World Bank,25,World Economy,23,World Peace,10,World War I,1,World War II,3,WTO,6,Xi Jinping,8,Xinjiang,1,Yemen,26,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: Reserve Bank of India Governor Dr. Urjit Patel Resigned
Reserve Bank of India Governor Dr. Urjit Patel Resigned
By IndraStra Global News Team
https://1.bp.blogspot.com/-68T0L7s8VMQ/XA5cAFLzh_I/AAAAAAAAB4M/tP_wuayWIXU219oetieOScsRGImLIjg0QCLcBGAs/s640/UP-RBI.jpeg
https://1.bp.blogspot.com/-68T0L7s8VMQ/XA5cAFLzh_I/AAAAAAAAB4M/tP_wuayWIXU219oetieOScsRGImLIjg0QCLcBGAs/s72-c/UP-RBI.jpeg
IndraStra Global
https://www.indrastra.com/2018/12/RBI-Governor-Urjit-Patel-Resigns-004-12-2018-0022.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2018/12/RBI-Governor-Urjit-Patel-Resigns-004-12-2018-0022.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content