Sun, Dec 23, 2018
Shocking exits of this year
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Tue, Dec 11, 2018
After the shock exit of Urjit Patel, Prime Minister Narendra Modi is looking to grab back the initiative to quickly control the situation that was deteriorating fast.
The reasons for these shocks include RBI governor Urjit Patel exit, weak optimism on BJP win in Assembly Elections of five states whose result are gradually filtering in today.
RBI Governor Urjit Patel unexpectedly resigned Monday, bringing into prominence the role played by the central bank in the country's economy. Following is an explainer on the functions and responsibilities of the RBI:-
The benchmark Sensex plummeted 714 points as investors panicked over exit polls suggesting the Congress is giving a tough fight to the ruling BJP in state elections. The bruised rupee and weak global cues also further dampened sentiment.
Mon, Dec 10, 2018
When asked about RBI's autonomy, Rajan mentioned that the act of resignation by a government servant or a regulator is really a note of protest. It is saying that the person cannot stay on given the kinds of policies that are being thrust upon them.
Notably, Patel was one of the key candidates in line to become RBI governor after Rajan decided to exit from his post once his tenure ended in September 2016.
Patel said, "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."
Over the recent months and weeks, there has been an ongoing battle with Urjit Patel taking a strong stand underlining importance of RBI independence from the Executive. No RBI governor has quit before their tenure has completed.
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