It was clear to Parliamentary panel that Urjit Patel was under lot of stress and pressure, says former Union minister Veerappa Moily on RBI Governor’s...
RBI governor Urjit Patel, who resigned Monday, had succeeded Raghuram Rajan in September 2016 for a three-year term and demonetisation was implemented during his tenure.
India’s foreign policy today is driven less by Western alignment or global liberalism and more by domestic political imperatives — economic, ideological, and electoral.
One wishes Urjit Patel had shown this firmness in November 2016 by refusing to recommend demonetisation. If Modi loses in 2019, which now cannot be just be discarded as an impossibility, epitaphs would be written in post-mortem evaluations. Demonetisation would then certainly be counted as a turning point in the Modi-tenure. The initial euphoria eventually waned and the demonetisation has now started hurting the Modi-regime. Who did Modi consult before taking such a drastic step is a big mystery. Certainly not Arvind Subramanian, ex-CEA. Else, he would not have termed this step as ‘draconian’. Now if a PM doesn’t consult his CEA before embarking upon such an uncertain journey, this certainly was a misadventure. By standing firm, Urjit Patel could have nipped in the bud this failed economic gamble.
First, what was the RBI doing under the great Raghu Raman when the PSU banks were lending to Dubious companies with political patronage. The origins of this banking crisis started with Raghu Raman tenure. Had he been actually doing his job of supervision instead of making speeches mostly not on his subject things perhaps may have been different.
Now armed with the new laws to bring these defaulters to task, the RBI has gone to the other extreme. They have completely squeezed the liquidity out of the market. And this is adversely affecting the country. What is now needed is a good Kensian style stimulus and hopefully with Patel existing, it will happen soon
Nothing so became Dr Urjit Patel in office as the leaving ( of ) it. He came in for a lot of criticism in relation to demonetisation, a decision that had been effectively made before he was appointed, one which he was powerless to impede or influence. The modalities of its implementation made the RBI the butt of several jokes. However, when it came to finally protecting the core interests of an institution that is respected globally, Dr Patel did what is right. His departure will not be seen kindly by the financial community all over the world. If the RBI’s proud institutional autonomy is now diluted, it will cause immense harm.
Among all regulators RBI , over the years, have delivered on the ground. Indian public sector banks
are as good as the private ones in terms of service delivery [e.g SBI]. Moreover the public have
more faith in public banks rather than the private banks. Banking sector being the backbone of
indian economy needs a strong regulator like RBI with expert advise. The CBSE being a short of
other regulator have also performed great in school education. I wish we have UGC [ or other
organisation] with similar skills for giving direction and regulating the indian higher education.
Economy and human resource [and its development and utilization] are the two most important
sectors of any country.
Among all regulators RBI , over the years, have delivered on the ground. Indian public sector banks are as good as the private ones in terms of service delivery [e.g SBI]. Moreover the public have more faith in public banks rather than the private banks. Banking sector being the backbone of indian economy needs a strong regulator like RBI with expert advise. The CBSE being a short of other regulator have also performed great in school education. I wish we have UGC [ or other organisation] with similar skills for giving direction and regulating the indian higher education. Economy and human resource [and its development and utilization] are the two most important sectors of any country.
One wishes Urjit Patel had shown this firmness in November 2016 by refusing to recommend demonetisation. If Modi loses in 2019, which now cannot be just be discarded as an impossibility, epitaphs would be written in post-mortem evaluations. Demonetisation would then certainly be counted as a turning point in the Modi-tenure. The initial euphoria eventually waned and the demonetisation has now started hurting the Modi-regime. Who did Modi consult before taking such a drastic step is a big mystery. Certainly not Arvind Subramanian, ex-CEA. Else, he would not have termed this step as ‘draconian’. Now if a PM doesn’t consult his CEA before embarking upon such an uncertain journey, this certainly was a misadventure. By standing firm, Urjit Patel could have nipped in the bud this failed economic gamble.
Shri Gupta ji, What is your view on developing and encouraging more homegrown talent over the long term? Thanks.
First, what was the RBI doing under the great Raghu Raman when the PSU banks were lending to Dubious companies with political patronage. The origins of this banking crisis started with Raghu Raman tenure. Had he been actually doing his job of supervision instead of making speeches mostly not on his subject things perhaps may have been different.
Now armed with the new laws to bring these defaulters to task, the RBI has gone to the other extreme. They have completely squeezed the liquidity out of the market. And this is adversely affecting the country. What is now needed is a good Kensian style stimulus and hopefully with Patel existing, it will happen soon
Nothing so became Dr Urjit Patel in office as the leaving ( of ) it. He came in for a lot of criticism in relation to demonetisation, a decision that had been effectively made before he was appointed, one which he was powerless to impede or influence. The modalities of its implementation made the RBI the butt of several jokes. However, when it came to finally protecting the core interests of an institution that is respected globally, Dr Patel did what is right. His departure will not be seen kindly by the financial community all over the world. If the RBI’s proud institutional autonomy is now diluted, it will cause immense harm.
Among all regulators RBI , over the years, have delivered on the ground. Indian public sector banks
are as good as the private ones in terms of service delivery [e.g SBI]. Moreover the public have
more faith in public banks rather than the private banks. Banking sector being the backbone of
indian economy needs a strong regulator like RBI with expert advise. The CBSE being a short of
other regulator have also performed great in school education. I wish we have UGC [ or other
organisation] with similar skills for giving direction and regulating the indian higher education.
Economy and human resource [and its development and utilization] are the two most important
sectors of any country.
Among all regulators RBI , over the years, have delivered on the ground. Indian public sector banks are as good as the private ones in terms of service delivery [e.g SBI]. Moreover the public have more faith in public banks rather than the private banks. Banking sector being the backbone of indian economy needs a strong regulator like RBI with expert advise. The CBSE being a short of other regulator have also performed great in school education. I wish we have UGC [ or other organisation] with similar skills for giving direction and regulating the indian higher education. Economy and human resource [and its development and utilization] are the two most important sectors of any country.