Urjit Patel’s job is to protect the RBI’s reputation, not the Modi government’s3 min read 18 Jan 2017, 08:58 AM IST
RBI governor Urjit Patel should have one and only one concern now: to rebuild trust in the central bank's competence and independence as quickly as possible
The Indian government’s abrupt decision to withdraw high-value notes from circulation has hurt a great many people and sectors of the economy. But the institution that’s been injured the most is the Reserve Bank of India (RBI). Since demonetisation was announced on 8 November, India’s austere and technocratic central bank has become the butt of online jokes. Soft-spoken governor Urjit Patel has endured intrusive protests. The central bank employees’ union wrote him a letter saying staff were “humiliated" by the RBI’s “operational mismanagement" and warning that the bank’s “autonomy and image have been dented beyond repair." One former RBI governor said that in Patel’s position, he would resign.
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