Urjit Patel defies expectations of lower rates even as cash chaos persists4 min read . Updated: 08 Dec 2016, 10:28 AM IST
Urjit Patel's decision to keep RBI policy rate unchanged is being read by economists as an unexpected but wise move before the US reviews policy next week
Hong Kong/ Mumbai: Handpicked by Prime Minister Narendra Modi to lead India’s central bank after relations soured with his outspoken predecessor, Raghuram Rajan, Urjit Patel’s monetary panel on Wednesday shrugged off his boss by keeping interest rates unchanged. The bold call came amid the nation’s biggest currency overhaul that’s expected to dent demand in the world’s fastest growing major economy.
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