Today, many people in India got surprised by the news of a sudden resignation by RBI chief Urjit Patel. He resigned before nine months of the end of his services as the RBI governor. When any officer of such high rank suddenly resigns then we always ask a question that he resigned himself or he was forced to do so. So far, Urjit Patel has clarified that he is resigning because of his personal reasons. We all know that India is going through a hard time financially and the situation may worsen if no concrete steps are taken on time. During this time, it is not good to hear such news.
Some experts on TV were claiming that Urjit Patel did this because the high level of pressure on him to comply with the direction given by the government. A few months back too, we heard some uneasiness between the government of India and RBI over the powers of RBI and its autonomy. RBI is an autonomous body and therefore, it is very important to maintain its autonomy at any stake. It is also important for the government to not put any pressure on such autonomous bodies. Already, the Indian banking sector is in bad shape because of the bad loans they gave.
A strong RBI is very important for strong bank system in India. Similarly, the strong banking system is important for the strong economy. The high level of corruption already puts a lot of pressure on the Indian economy. A strong and clear financial system is the need of the hour to maintain a good progress. Worldwide, we are seeing many countries struggling with the financial crisis and even many developed nations are not away from it. Under such a situation, we need a careful approach to solve our financial problems.
I hope that new RBI chief will bring some strict measures to bring back the Indian banking system on track.
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