RBI, From Patel to Das

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There has been a lot of tattle these days, about the Reserve Bank Governor, Mr. Urjit Patel resigning from his post. Rumours among people led to speculation of a national economic crisis. However, thankfully, quietening these rumours, Mr. Urjit Patel clarified that his resignation implied no such issues. His resignation was completely and wholly a personal thing. Citing some personal reasons, Urjit Patel resigned from the post of the Governor of the Reserve Bank of India, as also permitted by the Government. Although his resignation comes against the backdrop of increasing tensions between the Finance Ministry and the Reserve Bank of India. Besides, Finance Minister Mr. Arun Jaitley cleared the air out with a tweet acknowledging the Governor's contribution. 

 Mr. Urjit Patel, 55, who took over as the 24th Governor of the central bank in 2016, has had the shortest tenure since 1992. He was hand-picked by the BJP led government and was confidentially involved under the Demonetization strategy. In recent days, there were severe discussions over the economic stability of the nation, among the RBI and the Finance Ministry. Mr. Urjit Patel settled all the rumours by sending a letter of gratitude to the RBI for always supporting his deeds.

 Presently, the former Economic affairs Secretary, Shaktikanta Das, 63, is named as the 25th Governor of the RBI. Mr. Modi had initially brought him in the Finance Ministry to head the Revenue Department, then moving him to economic affairs. This appointment means that the Central Bank would again be led by the Indian Administrative Services' (IAS) Officer. The government had begun the selection process soon after Patel's resign. 

 Das, a veteran Tamil Nadu cadre officer will first have to work on normalising the relationships between the RBI and the government that has turned frosty in the past few months. He also needs to work on the economic stability of the economy. Under his control, India is looked up to as a stable competitor for the foreign currencies in the near future. 
Maitreyee N. Raote
FYBCom

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