urjit patel

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In his first comments after resigning as RBI governor urjit patel said banks indulged in over-lending, while the govt did not "fully play" its role, and also conceded that the regulator should have acted earlier. "How did we get here? Plenty of blame to go around! Prior to 2014, all stakeholders failed to play their role adequately. Banks, the regulator and govt," he said.

The second version of the Unified Payments Interface (UPI) will also enable customers to check the invoice sent by merchant prior to making payment, National Payments Corporation of India (NPCI) said in a statement.

urjit patel is likely to talk, among others, about key issues related to the banking and financial sector at the programme to be organised by the Central Vigilance Commission. The lecture is part of a monthly series, initiated after KV Chowdary took over as the CVC in June, 2015.

Congress alleged on Saturday that Reserve Bank of India governor urjit patel had "sacrificed the autonomy of the central bank".

Police sources said when the RBI Governor arrived at the N S C Bose airport, Congress workers staged a demonstration and showed him black flags. They also raised slogans "urjit patel go back" and "urjit patel hai hai". The security personnel managed to escort the RBI Governor inside the airport.

It can be noted that economists badly criticised for the 2008 global financial crisis saying they had failed to predict the catastrophe on time. The problem began in the US following the subprime mortgage crisis that led to the collapse of the global economy, which it's yet to fully recover even after a decade.

urjit patel on Monday stepped down as governor of the Reserve Bank of India (RBI) with immediate effect. Patel cited personal reasons for his decision.

Dr. urjit patel, former RBI governor, has been appointed as Executive Director at the International Monetary Fund for a three-year term, following central government approval. Patel previously served as the 24th RBI governor and also held the position of deputy governor, overseeing key areas such as monetary policy and economic research.

Listing out a rash of headwinds -- higher risks to inflation driven by domestic and external factors, trade wars which are slipping into a "currency war now", uneven global growth and spiralling crude prices -- RBI hiked the short-term policy rates or repo rate by a quarter of a percentage point to 6.5 per cent.

As per sources, urjit patel also informed the Standing Committee on Finance that RBI is in communication with the government for discontinuing the practice of appointing RBI nominees on boards of PSBs to avoid to any conflict of interest between the regulator and regulated entities.

New Delhi, Sep 3 () There is a new twist to the British economist John Keanes' famous quote that 'it is your problem if you owe a hundred bucks to a bank, but it is the bank's problem if you owe a million' -- the problem is of the central banker if unpaid loans run into billions.

His comments come almost a month after India's second largest lender, state-owned Punjab National Bank was allegedly defrauded of around Rs 13,000 crore by billionaire jeweller Nirav Modi and his uncle Mehul Choksi in connivance with some bank employees.

Dr. urjit patel, former RBI governor, has been appointed as Executive Director at the International Monetary Fund for a three-year term. Patel, who resigned from his RBI governorship prematurely in December 2018, previously served at the IMF and has held various policy and consulting roles within the Indian government and private sector.

Reserve Bank of India (RBI) governor urjit patel announced his resignation on December 10, citing personal reasons. The surprise departure by Patel, who still had 9 months left in his three-year term, startled colleagues at the central bank headquarters in south Mumbai. One senior official said that he received the shocking news from public press release.

Amid heated and often partisan politics over demonetisation, former PM Manmohan Singh came to the rescue of embattled RBI governor urjit patel on Wednesday, saying Patel need not respond to a query whether banking restrictions were not being lifted as this would result in a run on banks.

"Almost everyone agrees that the impact is going to be a sharp 'V', that we would have a downgrade of growth for a short period of time," urjit patel said. "However, the remonetisation has happened at a fast pace and that was part of the plan."

Soon after urjit patel quit as RBI governor, Prime Minister Narendra Modi on Monday lauded his contribution saying he steered the banking system "from chaos to order" and ensured discipline.

NCP chief Sharad Pawar claimed on Tuesday that he had got to know of former RBI governor urjit patel saying he could not work under the current dispensation.

"No supporting staff has been provided to the present governor, urjit patel at his residence. Two cars and two drivers have been provided to the present Governor," RBI said in reply to an RTI query.

India must keep public finances relatively healthy to stave off a possible second wave of risks in the financial sector once the coronavirus crisis abates, said a former central bank governor. While calls for a stimulus are rising, India cannot risk a significant widening of its perpetually high budget deficit, urjit patel wrote in a business daily.

Manmohan Singh issued a statement on urjit patel's resignation in which he said, "I've known Dr Patel to be an economist of high repute and also someone who cared deeply about India’s financial institutions and economic policy. His sudden resignation is unfortunate and a severe blow to nation’s economy."