December 12, 2018

What the Urjit Patel resignation episode tells us

Research Director and Senior Fellow Niranjan Rajadhyaksha writes in Mint on the Urjit Patel resignation episode.

 

"Central bankers were once known for their reticence. They are now judged by their public image. This change in expectations from the men who run monetary policy did not serve Urjit Patel well in his early weeks as governor of the Reserve Bank of India (RBI). His reticence during the entire demonetization episode was misunderstood as a lack of independence. The later patchy communications entrenched this view.

 

I have been lucky to meet the past six RBI governors at fairly regular intervals. Each brought his own unique style to work. Patel is not one to fall prey to the easy temptations of grandstanding. His sudden resignation thus suggests that the reason he quit was a serious one."

 

Read the full article here.

Topic : State Capacity / In : OP-EDS
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