RBI Governor Urjit Patel’s rift with govt gets big, stepping down next on cards?

RBI Governor Urjit Patel
RBI Governor Urjit Patel's rift with govt gets big, stepping down next on cards?

Reports and speculations say that subsequent to the Finance Minister Arun Jaitley’s scathing remarks on the Reserve Bank of India’s “lending spree”, Governor Urjit Patel might consider stepping down from the role.

CNBC-TV18 report said. “RBI governor may even consider resigning. All options on the table,” the report mentioned. Quoting a source, the report said that there has been an “irreversible breakdown between the RBI governor and the government”.

The news site has reached out to the RBI and the PMO but hasn’t received any response as of now.

This development came into notice after RBI deputy governor Viral Acharya’s fiery speech. In his speech, he warned that undermining the central bank’s independence could be “potentially catastrophic”. Government officials were left unhappy with Archarya’s speech.

Following this, the finance minister had smashed the RBI for its lending spree between 2008 and 2014 that left banks with huge debts. His remark only inflamed the ongoing row between the RBI and the government.

There had been several such issues in the recent past as well that shed light on the lack of smooth governance at centre, be it the issue of the Judge panel that came out in media regarding the difference in opinion and issue that they are facing in the working of the judiciary.

The recent spat between the CBI officials is another example that showcases the issues taking place in the working of the big organizations and the eye that the government is keeping on them.

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Reports and speculations say that subsequent to the Finance Minister Arun Jaitley's scathing remarks on the Reserve Bank of India's "lending spree", Governor Urjit Patel might consider stepping down from the role. CNBC-TV18 report said. "RBI governor may even consider…