The head of India’s central bank abruptly resigned yesterday in the midst of a bruising battle with the prime minister over the institution’s independence and the future direction of the country’s financial sector.
Urjit Patel’s exit comes just days ahead of what was likely to be a contentious meeting of the Reserve Bank of India’s governing board, where Prime Minister Narendra Modi’s demands for looser financial and monetary policies were scheduled for debate.
Tensions between the RBI and Mr Modi have been building for months over the central bank’s hawkish monetary policy, use of its mounting reserves and the tough measures taken to clean up bad loans at India’s state-run banks.
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