Unless Dr Urjit Patel starts clearing the balance sheets of banks, the investment cycle will not start. Unless the clog in the drain is cleared, further lending cannot happen. If further lending doesn't happen, the investment cycle also will not happen, writes M R Venkatesh.
'When a soldier becomes a king, he better be a king. He should now just forget the past and move beyond continuity. He should catch the potential of India's moment and play a leader's role,' says Vallabh Bhansali of Enam Group.
PAC summons RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das.
Highly-placed sources in the government say that none of the senior ministers had any inkling of Patel's resignation
'It is likely the government may opt for an IAS officer.' 'For the government, an IAS officer will be more easy to deal with,' notes A K Bhattacharya.
'During the transition process, we have some control over the withdrawals.' 'In terms of your wealth, the money in your deposit account is where it is.'
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
The first task before him is to get used to the idea of working with the Monetary Policy Committee
There was no word on whether or when Patel would be talking to the media about his priorities and plan of action as head of Mint Street
The days of anti-reform, anti-growth advisers that undermined our economy in the UPA-II years will now be strictly behind us: Bhagwati
'It will be interesting to see how Dr Patel handles gadflies with the maturity of egregiously petulant three year olds.' 'That Dr Patel does not, in so far as we can tell, cause society matrons to gush like hormonal teenagers can only be a good thing for him.' 'Look where their febrile imaginations and breathless prose took his predecessor.'
He said it will be 'foolhardy' to diminish institutions for short-term political gains.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
When did Urjit Patel really resign? When did Shaktikanta Das get the mandate to take over as RBI governor?
'If Urjit Patel had resigned after the five-state elections results people would have taken a different view. So this was the right time for him to resign.' 'He rightly resigned as he felt the differences with the government were not getting settled.'
'When there is no middle ground possible between the government and the governor, the governor has to go.'
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
'The finance minister has messed up the economy.'
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
All old notes of these denominations will continue to be legal tender
Urjit Patel's reappointment will raise market hopes that Rajan, will also be offered an extension when his tenure ends in September.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
He will be the first bureaucrat to head the central bank in almost five years.
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
'For the RBI, for a central bank, reputational risk is the worst risk.' 'Credibility is the worst risk,'
'His (Das) approach to work seems that of working as a team with ease in communication.'
The trolls on Twitter, the rumour mongers on WhatsApp and the serial abusers on Facebook are the enemies of social media.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
'The critics are getting carried away.' 'The challenge for the RBI is not any erosion of autonomy caused by demonetisation.' 'It's the whole attempt to reduce the RBI's stature and role that has been under way,' says T T Ram Mohan.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
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