“RBI Not Dependent On One Individual”: NITI Aayog On Urjit Patel Exit

The vice chairman of an influential government thinks tank on Tuesday ed down the shock resignation of Reserve Bank of India governor Urjit Patel, saying the government would do whatever is needed to ensure stability.

“It is not as if the RBI is dependent on any particular individual,” said Rajiv Kumar, vice chairman of the NITI Aayog think tank, adding the country’s institutional capabilities are very strong.

Patel’s resignation came after a month-stretch tussle over policy with the government that has raised concerns about the central bank’s independence as a national election nears.

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