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Urjit Patel deserves India’s gratitude for refusing to tolerate political interference in the Reserve Bank of India. A good leader cannot allow this de-institutionalisation of his hallowed charge. Monetary authorities in a globalised world ride on their autonomy and professionalism. Narendra Modi government is unwise to ruin it.
Mr Mallya, pay your former employees first
Vijay Mallya’s offers to repay his lenders should be taken seriously but it is unconvincing yet. First, he should pay his employees and then his bankers with principal and interest. The objective should be to recover all money, not just criminalising bank delinquency and sending borrowers to jail.
So far Urjit Patel’s resignation is concerned, it was at once shocking, because the rift started emerging from the resignation of Arvind Pangarhiya’s resignation from the deputy chairmanship in August,2017. Further, there came more instances. of government’s spat with some other institutions. This definitely reflects that all is obviously not going well. In Mallya’s case, a kind of twitter war was on. But one thing is clear and admitted that he is a defaulter. Whatever his dealings or business with the government was, but the employees were at lurch. What was their fault?