Subramanian Swamy questions Shaktikanta Das' appointment as RBI Governor

News of Urjit Patel's resignation as head of the Reserve Bank of India has sent shockwaves through the country's markets

To a question on the stand-off between the RBI and Centre, Das said: "I would not like to go into what the issues were or what the issues are between the government, which runs the country, and the RBI".

In an abrupt departure, Urjit Patel resigned as RBI governor Tuesday amid a face-off with the government over issues related to governance and autonomy of the central bank.

After the two-year deputation with RBI, Patel became a consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs - a position he held from 1998 to 2001.

India's central bank board is meeting on Friday with much of the hostility of the past two months with the government having eased, and new worries emerging about the institution's independence. Patel resigned citing personal reasons, just days before the bank was scheduled to meet for its annual board meeting. He added in a bid to solve the issues with central banks, he has convened a meeting with CEOs and MDs of public sector banks on Thursday, adding that the banking is an important segment of India's economy.

In the previous board meeting, held on November 19, the board had chose to constitute a committee of experts to fix the appropriate level of economic capital framework (ECF) that the central bank should hold at any given time and the membership and terms of reference of which will be jointly determined by government and RBI.

"On the one hand you are holding us responsible (for problems in the economy) and then if we make decisions, then you are saying we are putting the autonomy of the RBI in danger", the minister said.

"The New RBI Governor Das's educational qualification is MA (History)".

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"Everywhere there are ups and downs and we have not destroyed any institutions".

"The Supreme Court can be an autonomous body". The bankers also sought some easing in the one-day default norm announced in the February 12 RBI circular, said another banker.

"There are risks in the business, be it banking or insurance, there are ups and downs".

He said long back Maharashtra government had given a loan to Vijay Mallya through the state PSU Sicom, and he used to repay the interest diligently for 40 years.

Late last month, Gadkari had blamed the RBI for "complicating" project finance and said over 150 projects involving over Rs 2 trillion investments were struggling to get financial closure.

Das further said the RBI proposes to undertake consultations in a need-based manner on various issues.

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