BUSINESS
11/12/2018 2:57 PM IST | Updated 11/12/2018 2:59 PM IST

'RBI Not Dependent On Any Individual': NITI Aayog Official On Urjit Patel's Resignation

Urjit Patel’s abrupt resignation came after a month-long tussle over policy with the government.

ASSOCIATED PRESS
File Photo of Reserve Bank of India Governor Urjit Patel

The vice chairman of government think tank NITI Aayog on Tuesday played down the shock resignation of Reserve Bank of India Governor Urjit Patel, saying the government would do whatever is required to ensure stability.

"It is not as if the RBI is dependent on any particular individual," said Rajiv Kumar, adding India's institutional capabilities are very strong.

Read: What Happened In The Run-Up To Urjit Patel's Resignation?

Patel's abrupt resignation on Monday came after a month-long tussle over policy with the government that has raised concerns about the central bank's independence as a national election nears.

The government has been putting pressure on the RBI to ease lending curbs and capital requirements, and gain more of the RBI's capital reserves to help fund a fiscal deficit and boost a slowing economy.

The RBI, which holds a policy meeting on 14 December, has been reluctant to agree to all of the demands.

Read — Deputy Governor NS Vishwanathan Likely To Be Made Interim RBI Chief: Report