"Stand Up To PM, Protect Nation": Rahul Gandhi's Message To Urjit Patel

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RBI is Like Seat-Belt, Will Prevent Accident: Raghuram Rajan

"Protect the nation", he tweeted and also posted the media report.

"Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution", Rajan added.

RBI Governor Urjit Patel might resign from his position on November 19 due to health issues and the ongoing spat with the government, reports suggested.

Sources had said that the RBI's November 19 meeting was routine.

The Finance Ministry has claimed that the existing capital framework of the economic model in RBI is based on a very "conservative" assessment and the amount can be transferred to the central government's account as per the requirement.

"It has a responsibility to fulfil". The reports of rift between the RBI and the government surfaced last month after the Finance Ministry reportedly started discussions with the RBI under the never before used Section 7 of the RBI Act.

"And ultimately the RBI, after listening to the government and hearing what the government's issues were, provided the best professional answer it could and historically it has done that".

Reserve Bank of India's (RBI) former Governor Raghuram Rajan gave cricketing analogy for the Central Bank's operation board, asking it to play like Rahul Dravid and not like Navjot Singh Sidhu.

"The RBI is something like a seat belt, the driver being the government. there could be a possibility of not putting on a seat belt". "So, the government will push, will try and get the RBI to be more lenient", he said.

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