RBI Governor Urjit Patel resigned on Monday, citing “personal reasons”.
Congress President Rahul Gandhi Monday accused Prime Minister Narendra Modi of destroying institutions and hoped Reserve Bank Governor Urjit Patel has a “spine” and will show the prime minister “his place”.
RBI Governor Dr Urjit Patel said he was optimistic about resolving the crisis caused by non-performing assets (NPAs) and stressed loans.
Union Finance Minister Arun Jaitley said he expects the country’s fiscal situation to be ‘reasonably’ comfortable in the 2018-19 period.
The RBI kept the repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively.
RBI announced a reduction in the reverse repo rate by 25 basis points (bps) under the liquidity adjustment facility (LAF), bringing it down from 6.25 percent to six percent, effective immediately.
The Reserve Bank (RBI) of India in its Second Bi-monthly Monetary Policy, kept its repo rate unchanged at 6.25 percent and reverse repo rate unchanged at six percent respectively.
RBI keeps repo rate unchanged but makes a 6% hike in reverse repo.
Governor Urjit Patel said, “The number that we should now divulge should be a verified number and congruent with the complex accounting.”
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