‘All Indians should be concerned’, says Rajan on Urjit Patel’s resignation
1 min read . Updated: 10 Dec 2018, 06:47 PM IST
Premium'We should go into the details on why there was an impasse which forced him to take this ultimate decision,' says Raghuram Rajan on RBI governor Urjit Patel's resignation
New Delhi: The surprise resignation of Reserve Bank of India (RBI) governor Urjit Patel should be a matter of concern for all Indians and needs to be investigated, his predecessor at the central bank, Raghuram Rajan, said on Monday. “I think his statement should be respected. We should go into the details on why there was an impasse which forced him to take this ultimate decision," Rajan told ET NOW channel.
Patel resigned, citing “personal reasons", a statement issued by the Reserve Bank of India (RBI) said.
“I think this is something all Indians should be concerned about because strength of our institution is really important both for growth and sustainable growth in equity and the economy," said Rajan.
The government and RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI reserves.
