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
Rupee, bonds may see knee-jerk reaction, as Urjit Patel is considered an inflation warrior
Fitch said the full implications of Patel's resignation will only become clearer once there is some indication of the RBI's policy approach under his replacement, Shaktikanta Das
Breaking silence over the Rs 12,967 crore scam at Punjab National Bank, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
The government on Monday appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India. The Appointments Committee of the Cabinet cleared Malhotra's name, who has been appointed as the RBI Governor for three years, starting Wednesday. Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will replace Shaktikanta Das, whose tenure ends on Tuesday (December 10, 2024).
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
The MPC headed by RBI Governor Urjit Patel said that the recent excise duty cut by the government on petrol and diesel will help contain inflation.
He said it will be 'foolhardy' to diminish institutions for short-term political gains.
'When there is no middle ground possible between the government and the governor, the governor has to go.'
The government has invited applications for the post of deputy governor of the Reserve Bank of India (RBI) from interested candidates with at least 25 years of experience and below 60 years of age as on January 15, 2025. One of the deputy governors, Michael Patra's current term will end on 15 January. The last date of submission of applications is November 30, 2024.
The RBI Governor received the email on February 23 in which the sender threatened to harm Patel and his family if he did not quit, a police official said.
The much-awaited Goods and Services Tax will be rolled out on Friday at midnight in the Central Hall in Parliament.
The chairman of Parliament's Public Accounts Committee, K V Thomas, on Monday said a meeting with finance ministry officials has been deferred to February 10 in view of the Budget preparations.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
A panel headed by Reserve Bank of India deputy governor Urjit Patel recommended in January moving to an inflation target.
The Reserve Bank is collecting information regarding the alleged acts of money laundering by the country's three largest private sector banks, its Deputy Governor Urjit Patel said.
Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
'After a long time, we have a governor who is approachable. The RBI's interactions with us are now much better.'
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
Acharya was one of the youngest deputy governors in the central bank's history and was in charge of the critical monetary policy department which also made him a part of the rate-setting panel.
He will be the first bureaucrat to head the central bank in almost five years.
Urjit Patel said said the process of remonetisation was on and estimation of costs was a complex exercise.
Opposition leaders plan to go to the people to create awareness, as well as protest the "erosion of RBI's credibility" in Parliament, in the coming days and weeks to build public opinion against the Modi government's move to take away the RBI reserves, reports Archis Mohan.
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.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
Jaitley calls it unfair and false attack on a disciplined civil servant
The days of anti-reform, anti-growth advisers that undermined our economy in the UPA-II years will now be strictly behind us: Bhagwati
Subramanian Swamy has been critical of Rajan for not lowering interest rates earlier to boost growth.
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