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10 December 2018
 |
RBI
(The Total Investment & Insurance Solutions)
The head of India's central bank resigned Monday amid a growing split
between the Indian government and the independent monetary policy authority.
Reserve Bank of India Gov. Urjit Patel said in a statement posted on the
bank's website that he was resigning for personal reasons.
The government of Prime Minister Narendra Modi has disagreed with some
of the central bank's decisions under Patel, including a move to restrict
lending by debt-ridden banks. The Total
Investment & Insurance Solutions
Government officials said the central bank had excess reserves that should
be transferred to the treasury. The
Total Investment & Insurance Solutions
Modi's government issued a sweeping demonetization order in 2017 to try
to reduce black-market dealings. But a central bank report in August showed
that most of the currency banned by the order had been deposited into various
banks, undermining that move.The Total
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