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RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> gets a little over Rs 2 lakh as salary and has not been provided with any supporting staff at his residence, the central bank has told an agency. 
 <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword>, who took over as RBI Governor in September, is presently in possession of the bank's flat (Deputy Governor's flat) at Mumbai, it said. "No suppo<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">rti</keyword>ng staff has been provided to the present Governor, Urjit Patel at his residence. Two cars and two drivers have been provided to the present Governor," RBI said in reply to an RTI query. 
 The bank was asked to provide details of remuneration given to former RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> and incumbent Patel. 
 For the month of October -- the first full month Patel was in office as Governor -- Patel got Rs 2.09 lakh as his salary, the same amount drawn by <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> as his August's salary. Rajan demitted office on September 4, and was given Rs 27,933 as remuneration for four days. 
 
Rajan assumed the charge of RBI Governor from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was hiked to Rs 2.09 lakh from Rs 2.04 lakh in January this year, the RTI reply said. 
 
Rajan was provided with three cars and four drivers. "One caretaker and nine maintenance attendants were posted as supporting staff in the bungalow provided by the bank to the former Governor Raghuram Rajan at Mumbai," RBI said. 
 
The Centre has recently declined to share details on appointment of Patel and other candidates shortlisted for the top post in the central bank saying these are "cabinet papers" and cannot be made public. 
 
Patel was on August 20 named as RBI's Governor to succeed Rajan.

Here’s the monthly
salary of RBI governor Urjit Patel

The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) cut repo rate by 25 bps to 6.25% and now banks have to be active in passing it to the consumers so that people, especially the home-buyers, benefit from the interest rate cut. 
 The repo rate cut by <keyword id="3715773" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-urjit-patel">RBI Governor Urjit Patel</keyword> has indeed come as a good news for home-buyers as <keyword id="6388045" type="COMPANY" weightage="20" keywordseo="emis">EMIs</keyword> are now expected to go down. 
 
Now, it all depends on the banks as since 2015, despite the RBI slashing the repo rate by 1.50%, the banks have passed on a mere 0.5%. 
 
However, one of the main losers due to the repo rate cut will be people having Fixed Deposits (FDs). This is because, with a lower repo rate, banks will also cut the deposit rate if liquidity is comfortable. This will impact depositors and investors and is expected that the interest on FDs will fall in the immediate future. 
 
If you are still confused on all the repo rates and Cash Reserve Ratio (CRR), here’s the simplified version: 
 
Repo rate: 
Repo rate is the rate at which the RBI lends money to the banks when there is fund crunch and is cut or increased, keeping the inflation in mind. So, if inflation is high and banks increase the repo rate, banks will have to take money from the RBI at a higher rate. 
 
Reverse repo rate: 
Reverse repo rate is the rate at which the RBI borrows money from the banks. If the Reverse repo rate goes up, banks will get more money to park their funds with the central bank. 
 
Cash Reserve Ratio (CRR): 
CRR is the minimum amount that banks have to keep from the total deposits of customers. This goes in the current account of the banks and they do not earn any interest on this. Presently, the CRR is at 4%. 
 
So, how does this affect you? 
 
Home-loans and Auto loans: If banks pass on the rates, consumers will benefit from the cumulative effect. EMIs will fall as banks will also lower down their lending rate as it all depends on banks’ marginal cost of funds based on lending rates. 
 
FD investors: This is impact the fixed deposits as the banks will have to cut rates on the FDs and people will earn less interest.

Decoded: Here’s how repo rate cut will help home-buyers and affect FD investors

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> and his deputies have got a big pay hike with the government more than doubling their basic salary to Rs 2.5 lakh and Rs 2.25 lakh per month, respectively, according to a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
 
The "basic pay of the Governor and Deputy Governors" has been revised retrospectively with effect from January 1, 2016 and marks a huge jump from Rs 90,000 basic pay so far drawn by the Governor and Rs 80,000 for his deputies. 
 
Still, their salaries are much lower than the top executives of various banks regulated by the RBI. 
 The monthly emoluments of these top RBI officials include 'basic pay', dearness allowance and 'other payments', which totalled Rs 2,09,500 in case of <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> as on November 30, 2016, as per the latest information disclosed on the RBI website. 
 In response to a query by PTI under the Right to Information (<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword>) Act, the central bank has now disclosed that as per a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> communication, dated February 21, the basic pay of the Governor and Deputy Governors have been revised. 
 
Following the revision, the basic pay of the Governor stands increased to Rs 2,50,000 per month while the same for a Deputy Governor would be Rs 2,25,000, RBI said. 
 
The pay hike is "with effect from January 1, 2016". 
 
Dearness Allowance would be notified by the central government from time to time while "all other allowances (are) to be paid at existing rates as if the pay has not been received with effect from January 1, 2016," the RTI reply said. 
 
The RBI, however, did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. 
 
With the earlier basic pay of Rs 90,000, Patel got a DA of Rs 1,12,500 and 'other payments' of Rs 7,000 -- totalling to a gross pay of Rs 2,09,500. The increase in the basic itself would take his gross pay to nearly Rs 3.70 lakh. 
 Patel, who took over the reins of the central bank in September 2016, had received a salary of Rs 2.09 lakh in October -- the first full month in office. This amount was same as drawn by his predecessor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> in August that year. 
 <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> assumed RBI governorship from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was raised to Rs 2.09 lakh from Rs 2.04 lakh in January 2016. 
 
It was not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay for Governor has been revised retrospectively while covering little more than nine months of his tenure. 
 Currently, RBI has four deputy governors -- R Gandhi, S S <keyword id="66822" type="CITY" weightage="20" keywordseo="Mundra">Mundra</keyword>, N S <keyword id="260413" type="PERSON" weightage="20" keywordseo="Vishwanathan">Vishwanathan</keyword> and Viral V Acharya. 
 
At the end of November last year, Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month. Acharya took charge in January this year.

Here’s how much RBI governor
Urjit Patel will earn now after salary hike

Breaking his silence over the demonetisation issue, RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> today said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible. 
 <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (MarkStablisation Scheme) bonds which they have promised to do. 
 
In an exclusive interview to PTI, Patel said the situation arising out of the decision to withdraw Rs 500/1,000 notes is being monitored on a daily basis and the printing presses have started to rebalance the production of new notes towards Rs 100 and Rs 500 bills. 
 
He also urged the people to start using cash substitutes like debit cards and digital wallets, saying it will make transactions cheaper and easier and in the long term, it will help India "leapfrog into a less cash-use economy at par with more developed nations." 
 
"We are also urging banks to make a big push with PoS (Point of Sale) machines with traders so that debit card use becomes more prevalent," he said. 
 
Giving details of the steps being taken by RBI, he said, "Both RBI and government have been getting the printing presses to work at capacity to get the new notes available to meet demand. 
 
"The RBI is interacting with the banks every day. They are telling us that the situation is gradually easing. The queues in branches and ATMs are shorter and the markets are starting to function, and there are no reported shortages of daily items of consumption. 
 
"Also, about 40-50,000 people were deployed to refit the ATMs. Currency is available and banks are working in a mission mode to lift currency and take them to their branches and ATMs. The staff members of all banks have worked very hard, and we all owe them our gratitude," Patel said. 
 
"Having said that, it is important to regularly review the situation, and taking the required decisions to ease the genuine pain of citizens who are honest and who have been hurt. There are no precedents on this subject at this scale and we have to be reactive to the situation. 
 
"People have asked why the new currency introduced was different in size and thickness from the old. This is because the new currency has been designed to make it hard to counterfeit. When you are going to make a change of this magnitude, you need to get the best standards in place," Patel said. 
 
This is the first-ever interview as RBI Governor by Patel, who is known to keep a low profile.

Finally RBI governor Urjit
Patel breaks his silence on demonetization; assures of normalizing things at the earliest

New Delhi, Dec 5 () The Central Information Commission has issued a show-cause notice to the Reserve Bank of India for not appearing before it in a matter pertaining to disclosure of inspection reports of HDFC Bank, calling it "casual" approach.
 The transparency watchdog has directed the Central Public Information Officer of the Department of Banking Supervision of the RBI to explain why penal provisions under the transparency law should be not invoked against him for his absence.
 In a stern order, Information Commissioner Suresh Chandra said that after adverting to the facts and circumstances of the case, hearing the appellant and perusal of records, he felt that in view of the absence of the respondent the relevant facts of the case could not be ascertained.
 Priti Ranjan Das had approached the commission on behalf of HDFC Bank with an appeal against the disclosure of information to RTI applicant Girish Mittal who had sought inspection reports of the private bank from the RBI since 2011.
 Mittal had sought disclosure of inspection reports of HDFC Bank which was objected to by it. However, the CPIO had ordered the disclosure of risk assessment report of the bank.
 Das had first approached a senior officer of the CPIO challenging the order in first appeal which was rejected.
 He had then approached the CIC seeking to set aside or quash the order passed by the RBI CPIO on Mittal's RTI.
 During the hearing before the commission, he submitted that information sought by Mittal was relating to business strategies, product pricing strategies, risk management practices, gaps, details of liquidity positions, IT systems, etc., and the disclosure of which would adversely affect the competitive position of the bank.
 The information sought and intended to be disclosed by the RBI was therefore exempted under the provisions of section 8(1) (d) of the Right to Information (RTI) Act which allows withholding of information related to commercial confidence.
 In spite of the commission's notice to be present during the hearing, the RBI CPIO did not appear.
 "It is pertinent to mention that the respondent was not present before the commission despite notice which is viewed by the commission seriously. Further, it appears that the respondent is taking the RTI application as well as the commission very casually which is detrimental to the very purpose of the RTI Act," Chandra said.
 In the show-cause notice, Chandra directed the CPIO why penal action under Section 20(1) of the RTI Act should not be initiated against him.
 This is not the first time that the RBI had to face the ire of CIC as former Information Commissioner Sridhar Acharyulu had summoned then RBI Governor Urjit Patel for not following Supreme Court orders on RTI implementation. ABS SMN

CIC issues show-cause notice to RBI for casual approach to its notice

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Danish SiddiquiThe Reserve Bank of India (RBI) Governor Urjit Patel speaks during a news conference after the bi-monthly monetary policy review in Mumbai, India.</div></div></div><ul><li>Urjit Patel, the head of India's central bank has resigned for "personal reasons."</li><li>His departure comes five days after the Indian government invoked special powers that would give it more say on some aspects of monetary policy. </li><li><a href="https://markets.businessinsider.com/currencies/usd-inr">Watch the Indian rupee trade live</a>.</li></ul>The head of the Reserve Bank of India has resigned for "personal reasons," according to a statement put out by the central bank on Monday morning."On account of personal reasons, I have decided to step down from my current position effective immediately," Urjit Patel said in a <a href="https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=3606">press release</a>."It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank's considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future."Patel's resignation comes just five days after the Indian government announced it was invoking the never-before-used special powers under Section 7 of the RBI Act, which allows it consult on things like the central bank's capital reserves and liquidity problem in non-banking financial companies, according to the Indian business publication <a href="https://www.financialexpress.com/economy/urjit-patel-resigns-as-rbi-governor-cites-personal-reasons/1409366/">The Financial Express</a>.Patel was <a href="https://www.businessinsider.com/the-reserve-bank-of-india-has-a-new-governor-2016-8">named head of India's central bank</a> in August 2016, following <a href="https://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">the departure of Raghuram Rajan</a>, who returned to academia. The <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> was down 0.75% at 71.3375 per dollar. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/things-you-shouldnt-buy-on-black-friday-2016-11">7 things you shouldn't buy on Black Friday</a></h3> <div> </div> </div>

The head of India's central bank steps down for 'personal reasons'

<ul><li>The Bimal Jalan panel, set up to decide the appropriate capital reserves for the RBI, may recommend transfer of surplus to the government.</li><li>The six-member Jalan panel will recommend the appropriate capital reserves that the central bank should maintain.</li><li>Former RBI governor Urjit Patel reportedly quit after opposing the government's proposal to extract a big chunk of the reserves.</li></ul> The Narendra Modi government has had its eyes on the surplus reserves of the Reserve Bank Of India (RBI) for some time now. But its attempts have been stalled, most famously by the central bank's former governor Urjit Patel, who ended up resigning from his position before his term ended. But Modi has come back stronger, and the Bimal Jalan Committee may recommend that the RBI must transfer the surplus money back to the government, according to a Reuters report citing a source. The Bimal Jalan panel, set up to decide the appropriate level of capital reserves for the RBI, has reportedly recommended that the Indian central bank must transfer the money not at once but over the next 3-4 years. The recommended quantum of transfer is not clear yet. The mandate of the panel is only for deciding the quantum and the formula of transfer not suggest where and how the surplus is to be used which is a government prerogative, according to an IANS report in June citing sources. Modi's rivals have been critical of the proposal and have called out the government for trying to use RBI's money for fiscal excesses. The <a href="https://www.businesstoday.in/current/economy-politics/here-is-what-economists-have-to-say-on-rbi-surplus-transfer-to-govt/story/292330.html" data-type="tilCustomLink" target="_blank">country's economists have been divided</a> over the issue. The central bank's core reserve -- contingency fund -- is only around 7% of its total assets and the rest of it is largely in revaluation reserves which fluctuate with corresponding changes in currency and gold valuations. In 2017-18, the central bank's contingency funds and revaluation reserves stood at ₹2.32 trillion and ₹6.92 trillion respectively. RBI data shows that the growth in revaluation reserves has far exceeded the growth in contingency fund. Though the Ministry has not stated, it is believed that the Finance Ministry was seeking to transfer a surplus of ₹3.6 lakh crore, more than a third of the total ₹9.59 lakh crore reserves of the central bank, to the government. While revaluation reserves have more than tripled from ₹ 1.99 trillion in 2008-09 to ₹6.92 trillion in 2017-18, the contingency fund has grown 50% in the same period from ₹1.53 trillion to ₹2.32 trillion. As per the 2016-17 Economic Survey, equity at about 27% of the RBI's balance sheet was the fourth highest among the global central banks. As of now, the RBI Act does not specify the amount to be transferred to the government and there is no consensus on the right level of capital for a central bank. "There is no particular reason why this extra capital should be kept with the RBI. Even at current levels, the RBI is already exceptionally highly capitalised. In fact, it is one of the most highly capitalized central banks in the world," said the Survey. SEE ALSO: <a href="https://www.youtube.com/watch?v=Kd75yZqHQGk" data-type="tilCustomLink" target="_blank">Time for RBI to do 'whatever it takes' to save India's financial sector: Vallabh Bhanshali</a>

RBI may be asked to give a part of its surplus to the government every year: Report

<ul><li>The Bimal Jalan panel, set up to decide the appropriate capital reserves for the RBI, will hold its next meeting on June 13.</li><li>The six-member Jalan panel will recommend the appropriate capital reserves that the central bank should maintain.</li><li>Former RBI governor Urjit Patel reportedly quit after opposing the government's proposal to extract a big chunk of the reserves.</li></ul> The Narendra Modi government has had its eyes on the surplus reserves of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank Of India</keyword> (RBI) for some time now. But its attempts have been stalled, most famously by the central bank's former governor Urjit Patel, who ended up resigning from his position before his term ended. But Modi has come back stronger, and as Nirmala Sitharaman takes charge of the Finance Ministry, one of the first debates to spring up after she assumes may be a tough one-- should the government tap into RBI's surplus reserves? Waiting for Jalan The Bimal Jalan panel, set up to decide the appropriate level of capital reserves for the RBI, will hold its next meeting on June 13, according to Finance Secretary Subhash Chandra Garg who is one of the members of the six-member Jalan Committee. Earlier in the day, at another event, Garg had said the panel had sought three-months extension and was still working on the report. The head of the panel, Jalan, had said in April that the report may be finalised by May or June. The mandate of the panel is only for deciding the quantum and the formula of transfer not suggest where and how the surplus is to be used which is a government prerogative, according to an IANS report citing sources. Modi's rivals have been critical of the proposal and have called out the government for trying to use RBI's money for fiscal excesses. The <a href="https://www.businesstoday.in/current/economy-politics/here-is-what-economists-have-to-say-on-rbi-surplus-transfer-to-govt/story/292330.html" data-type="tilCustomLink" target="_blank">country's economists have been divided</a> over the issue. The central bank's core reserve -- contingency fund -- is only around 7% of its total assets and the rest of it is largely in revaluation reserves which fluctuate with corresponding changes in currency and gold valuations. In 2017-18, the central bank's contingency funds and revaluation reserves stood at ₹2.32 trillion and ₹6.92 trillion respectively. RBI data shows that the growth in revaluation reserves has far exceeded the growth in contingency fund. Though the Ministry has not stated, it is believed that the Finance Ministry was seeking to transfer a surplus of ₹3.6 lakh crore, more than a third of the total ₹9.59 lakh crore reserves of the central bank, to the government. While revaluation reserves have more than tripled from ₹ 1.99 trillion in 2008-09 to ₹6.92 trillion in 2017-18, the contingency fund has grown 50% in the same period from ₹1.53 trillion to ₹2.32 trillion. As per the 2016-17 Economic Survey, equity at about 27% of the RBI's balance sheet was the fourth highest among the global central banks. As of now, the RBI Act does not specify the amount to be transferred to the government and there is no consensus on the right level of capital for a central bank. "There is no particular reason why this extra capital should be kept with the RBI. Even at current levels, the RBI is already exceptionally highly capitalised. In fact, it is one of the most highly capitalized central banks in the world," said the Survey. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/rbi-pays-interim-dividend-central-government/articleshow/68057230.cms" data-type="tilCustomLink" target="_blank">The Modi administration’s overspending gets rewarded with an interim dividend from the central bank</a>

A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves

<ul><li>RBI said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government.</li><li>This will cut the estimated fiscal deficit by half leaving more money with the government to spend on growth measures.</li><li>Sensex gained over 150 points at Tuesday’s open as investors expect additional money supply to improve demand in the economy.</li></ul> India’s central bank has been saving for a rainy day and looks like that day has come. After much prodding by the Narendra Modi government, and based on the recommendation of a panel headed by former central bank Governor Bimal Jalan, the Reserve Bank of India (RBI) said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government. This alone will fill up more than half of the country’s estimated fiscal deficit-- the difference between the government’s budgeted expenses and revenues-- for the current year. "This will help to some extent in bridging an estimated ₹1.5 lakh crore of shortfall in GST revenues even as the fiscal continues to be strained due to weak tax revenues," said a report by Kotak Economics Research. The Indian share market is celebrating the windfall that it expects more money slush around in the economy due to the RBI move. The Sensex kicked off to a good start and opened 164 points higher in Tuesday’s opening trade. This is in addition to the nearly 800-point <a href="https://www.businessinsider.in/markets/donald-trummp-hints-at-easing-trade-war-with-china-triggers-700-point-rally-in-sensex/articleshow/70840608.cms">Donald Trump-triggered rally</a> on Monday. Banking stocks like SBI, Axis Bank, and ICICI gained as as investors hoped that some of this additional money will go into recapitalising banks. The value of government bonds held by these banks rose in value. “As on June 30, 2019, the RBI stands as a central bank with one of the highest levels of financial resilience globally,” the central bank said in its statement. Why the market is cheering? Indian industry has long been asking for a stimulus package from the government, to overcome the deep crisis in <a href="https://www.businessinsider.in/job-cuts-at-parle-and-britannia-sales-show-indian-economy-is-in-dire-straits/articleshow/70766429.cms">the rural economy</a> as well as in sectors like <a href="https://www.businessinsider.in/hero-motocorp-tata-mahindra-and-maruti-suzuki-are-all-cutting-production-as-theres-no-demand/articleshow/70710729.cms">automobiles</a> and <a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms">textiles</a>, which have cut down production and laid off millions of workers following the demand slump in recent years. Those who support the RBI move to part with its funds believe this money can come in handy for the Indian government which is facing heavy fiscal deficit, which means that it is short of funds and has limited room to spend more to stop growth from slipping down further. The Modi government has also promised to spend a whopping ₹100 trillion in building new infrastructure in the next five years. Finance Minister Nirmala Sitharaman also promised to provide as much as ₹70,000 crore in additional funds to banks in the hope to beat the current credit crunch. All of this requires money, which the government is in short supply of. The slowdown in economic activity has meant the direct tax revenue has sharply <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">slowed down</a>. The Goods and Services Tax (GST) too has fared short of expectations. along with a slowdown across the economy has cut down <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">the government's </a>direct tax revenues by ₹82,000 crore though they revised their target to ₹12 lakh crore in 2018-19. A recent move to levy extra taxes on stock investors in the latest Union Budget did not go down well with the share market, and had to be <a href="https://www.businessinsider.in/nse-and-bse-stocks-lost-over-15-lakh-crore-and-rupee-falls-against-dollar-due-to-tax-surcharge/articleshow/70837553.cms">retracted </a>by Finance Minister Nirmala Sitharaman last Friday (August 23). Those who lost their jobs opposing the move The government’s push to get RBI to transfer excess money has faced severe opposition. The dissent by former Secretary of the Department of Economic Affairs, Subhash Chandra Garg, was <a href="https://www.ndtv.com/business/subhash-chandra-garg-exit-linked-to-sovereign-bond-plan-prime-ministers-office-unhappy-says-report-2075600">one of the main reasons</a> for which he was forced out the Finance Ministry prematurely. Even the former RBI Governor Urjit Patel and former Deputy Governor Viral Acharya left the central bank unceremoniously after contentious standoffs with the government over many issues including the proposal to transfer RBI surplus to the government. Economists in India have been largely divided on the issue because many fear this impedes the RBI’s autonomy. The <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">key questions</a> were who should decide the use of RBI surplus and how should it be spent. The recommendation of an independent panel may partly answer the first question and as for the second question, all eyes are now on the government. SEE ALSO: <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves</a>

You Searched For "rbi governor urjit patel" and got 9 results

Here’s the monthly salary of RBI governor Urjit Patel

BI India Bureau

Decoded: Here’s how repo rate cut will help home-buyers and affect FD investors

Akanksha Jain

Here’s how much RBI governor Urjit Patel will earn now after salary hike

BI India Bureau

Finally RBI governor Urjit Patel breaks his silence on demonetization; assures of normalizing things at the earliest

BI India Bureau

CIC issues show-cause notice to RBI for casual approach to its notice

PTI

The head of India's central bank steps down for 'personal reasons'

Jonathan Garber

RBI may be asked to give a part of its surplus to the government every year: Report

Sriram Iyer

A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves

Sriram Iyer

RBI offers Narendra Modi government money to boost growth-- share markets cheer

Katya Naidu

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