RBI गवर्नर उर्जित पटेल के इस्तीफे का ये सच सुनकर आप सब रह जायेंगे दंग

RBI गवर्नर उर्जित पटेल के इस्तीफे का ये सच सुनकर आप सब रह जायेंगे दंग

When the differences between the RBI governor Urjit Patel and the central government were highlighted in November this year, everybody's eyes were on the point that whose parties would prove to be strong. Even before the RBI board meeting on November 19, it was estimated that Patel would resign. However, after the meeting, RBI and Finance Minister Arun Jaitley had given such hints that everything has become normal among the two. But Patel's resignation made it clear that there was no reconciliation between the Center and the RBI. After the resignation of Raghuram Rajan in September 2016, Patel was made governor. His tenure was about to end in September 2019.



How did the debate start?



Regarding reducing policy rates, there is usually a pull between the RBI and the central government. The government wants the RBI to keep the rates low but the central bank, with the intention to keep inflation under control, avoids taking such steps.



However, this time the entire controversy started with a statement from RBI's deputy chairman Viral Acharya. Acharya, while taking a look at the government in his speech, said, "The weakening of the powers of the Reserve Bank can be devastating." The acharya had fervently advocated the autonomy of the RBI. After this the matter started deteriorating. First of all, the RBI criticized the fact that the teacher made the mindset public with the center.



Why did the teacher get angry?



The stereotype had raised the issue of autonomy of RBI, which did not come to the Center. Actually, the Central Government had expressed the intention that it could use Section 7 of RBI Act 1934. Using Section 7 will completely catch the government on the RBI. Actually, after the implementation of this section, the government can use RBI's Sarlus Fund in the name of public welfare or public interest.