12/11/2018 urjit patel: Urjit Patel's exit: What happens at RBI now - The Economic Times

SECTIONS ET APPS ENGLISH E-PAPER ET PRIME 78 TimesPoints FOLLOW US

Banking LATEST NEWS UGC holds back approval for 19 additions proposed for Institute of
Eminence status

Markets News Industry RISE Politics Wealth MF Tech Jobs Opinion NRI Slideshows Panache More ET NOW ETMONEY ET Portfolio

Business News › Industry › Banking › Urjit Patel's exit: What happens at RBI now Search for News, Stock Quotes & NAV's

CHOOSE
04:05 PM | 10 DEC CLOSED ससे िन ी 50 सोना (एमसीए ) (₹/10 … यूएसडी/भारतीय … पोटफोिलयो LANGUAGE
MARKET STATS 34,959 -713.53 10,488 -205.25 32,043.00 448.00 71.33 0.53 बनाएं HIN

Urjit Patel's exit: What happens at RBI now SPOTLIGHT

ET Online | Updated: Dec 10, 2018, 07.27 PM IST Save Corporate Corridor

59
Comments

The sudden resignation of Reserve Bank of

India Governor Urjit Patel has left the central
bank headless. The government will take
some time to pick the next RBI chief. What
will happen at the RBI meanwhile? Before the
government appoints a new governor,
obviously someone has to take charge in the
interim.
I didn't steal money, want to
correct the narrative: Mallya
"Extradition is a legal process that is not
What makes the situation more complex than subject to bilateral negotiation," says Vijay
Before the government appoints a new governor, usual is the peculiar situation of the No. 2 at Mallya.
obviously someone has to take charge in the interim.
the RBI, Deputy Governor Viral Acharya. He Bangur family feud: Daughter-in-law may
move contempt plea against father-in-law
was the man who had fired the first shot in the
After two years, Uday Kotak now says
RBI-government spat in his speech in October in which he defended the autonomy of the note ban was poorly executed
RBI and warned the government against impinging on it.

After Patel's exit, Acharya's position seems to be untenable assuming Patel has actually
quit due to the government pressure and not due to personal reasons. If not Acharya, will it
be the next senior official or an outsider who will head the RBI till the appointment of the
new governor?

This is what the RBI Act says for such situations: "If the Governor or a Deputy Governor by Most Read Most Shared Most Commented
infirmity or otherwise is rendered incapable of executing his duties or is absent on leave or
SBI to sell 3 bad loan accounts to recover Rs 2,111
otherwise in circumstances not involving the vacation of his appointment, the Central
crore dues
Government may, after consideration of the recommendations made by the Central Board
in this behalf, appoint another person to officiate for him..." Governance lapses, poor compliance led RBI to
trim Rana Kapoor's term: Sources

There are four deputy governors in the RBI — NS Vishwanathan, Viral Acharya, BP More »

Kanungo, MK Jain, and 12 executive directors.

Top Trending Terms
"There is a backup system. The question is will the backup system be allowed to play its Share Market NPS Urjit Patel Resigns Share Bazar
role? If someone is appointed within a week, the fear will be that this person had already IPO Top 10 Investment Options Aadhaar Card Nifty

been identified. And therefore the appointment will be seen as political. And that may turn How to Save Income Tax Mutual Funds

out to be more damaging than the resignation itself," former chief statistician Pronab Sen Top 10 Mutual Funds to Invest GST IFSC Code
Income Tax Calculator
told Bloomberg.

Save

59
Comments

Read more on Urjit Patel RBI Urjit Patel Resignation Next RBI Governor

Viral Acharya RBI Governor

https://economictimes.indiatimes.com/industry/banking/urjit-patels-exit-what-happens-at-rbi-now/articleshow/67027688.cms 1/17