Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Urjit Patel May Consider Resigning as Arun Jaitley’s Remarks Widen RBI-Govt Rift: Report

Sources told CNBC-TV18 that there is "irreversible breakdown between RBI governor and the government".

News18.com

Updated:October 31, 2018, 9:26 AM IST
facebookTwitterskypewhatsapp
Urjit Patel May Consider Resigning as Arun Jaitley’s Remarks Widen RBI-Govt Rift: Report
File photo of RBI Governor Urjit Patel. (PTI Photo)
Loading...

New Delhi: Reserve Bank of India (RBI) governor Urjit Patel may consider stepping down from the post following Finance Minister Arun Jaitley’s scathing criticism of the central bank’s “lending spree”, CNBC-TV18 quoted sources as saying on Wednesday.

"RBI governor may even consider resigning. All options on the table," the report quoted a source familiar with the matter as saying. It quoted another source as saying that there is "irreversible breakdown between RBI governor and the government".

CNBC-TV18 has reached out to the RBI and the Prime Minister's Office, and their response is awaited, the report said.

CNBC-TV18 also quoted sources as saying that the government has initiated consultations with RBI under Section 7 of the RBI Act. The provision reportedly allowed the government to issue directions to the RBI “on matters of public interest”.

Warning of more "bad news", former finance minister and senior Congress leader P Chidambaram said, “If, as reported, Government has invoked Section 7 of the RBI Act and issued unprecedented ‘directions’ to the RBI, I am afraid there will be more bad news today,” he said.

Jaitley had on Tuesday blamed the RBI for failing to stop a lending spree between 2008-2014 that left banks with huge bad debts, inflaming a row that recently erupted between the government and the central bank.

On Friday, RBI Deputy Governor Viral Acharya warned that undermining a central bank's independence could be "potentially catastrophic", in an indication that it is pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by next May.

According to a Reuters report, government officials were very upset by Acharya's comments, which included a reference to problems created in Argentina when its government meddled in central bank affairs. The report quoted sources as saying that the RBI should not air confidential matters in public.

Acharya's speech came after a long-running tug of war between the government and the RBI over whether the central bank should part with some of its Rs 3.6 trillion reserves to fund the country's fiscal deficit.

| Edited by: Nitya Thirumalai
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Shriram Trans 1,025.55 -5.47
IndusInd Bank 1,413.05 -0.96
Yes Bank 115.60 0.48
Indiabulls Hsg 668.65 -0.54
Reliance 1,294.75 -1.73
Company Price Change %Gain
Shriram Trans 1,025.05 -5.22
Yes Bank 115.55 0.17
Indiabulls Hsg 668.75 -0.50
Nestle 11,553.40 0.55
Reliance 1,294.60 -1.70
Top Gainers
Company Price Change %Gain
Wipro 300.25 0.49
Yes Bank 115.60 0.48
UPL 1,009.60 0.36
Infosys 741.80 0.18
Power Grid Corp 194.85 0.13
Company Price Change %Gain
Infosys 742.25 0.25
Power Grid Corp 195.00 0.21
Yes Bank 115.60 0.22
M&M 636.25 0.11
Top Losers
Company Price Change %Gain
Tata Steel 480.25 -4.29
JSW Steel 261.30 -3.67
Vedanta 164.00 -3.27
Tata Motors 159.70 -2.74
Axis Bank 781.60 -2.45
Company Price Change %Gain
Tata Steel 480.25 -4.23
Vedanta 163.95 -3.33
Tata Motors 159.75 -2.65
Axis Bank 781.55 -2.32
Bharti Airtel 347.35 -1.68

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results