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Urjit Quits Amid RBI-Govt Feud

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Urjit Quits Amid RBI-Govt Feud Follow us on: facebook.com/dailypioneer RNI No.2016/1957, REGD NO. SSP/LW/NP-34/2016-18 @TheDailyPioneer instagram.com/dailypioneer/ Established 1864 OPINION 8 Published From WORLD 13 SPORT 15 DELHI LUCKNOW BHOPAL DELIMITATION HALEY: PAK CONTINUES TO ENGLAND BEAT NEW BHUBANESWAR RANCHI RAIPUR SORE ISSUE IN J&K HARBOUR TERRORISTS ZEALAND TO ENTER WC Q/F CHANDIGARH DEHRADUN Late City Vol. 154 Issue 331 LUCKNOW, TUESDAY DECEMBER 11, 2018; PAGES 16 `3 *Air Surcharge Extra if Applicable SARIS ARE VERSATILE: } KANGANA } 14 VIVACITY www.dailypioneer.com Urjit quits amid RBI-Govt feud RBI Guv cites ‘personal’ reasons; Opp cries foul as PM hails Patel’s contribution PNS n NEW DELHI the stock market and give a against this nation. I am very push to the lending scenario. proud that people from all he continuing standoff Soon after Patel quit as RBI walks of life and institutions are Tbetween the Government Governor, Prime Minister standing up to it.” and the RBI finally claimed the Narendra Modi on Monday West Bengal Chief Minister chair of Governor Urjit Patel, lauded his contribution saying Mamata Banerjee said, “From who resigned on Monday cit- he steered the banking system CBI to RBI, institutions have ing “personal” reasons, some- “from chaos to order” and become total disasters; it is mat- thing not many people are ensured discipline. He said ter of great shock. BJP is ready to digest. Patel is a thorough profession- behaving like dictators, there Patel, 55, who took over as al with “impeccable integrity”. should be a campaign against the 24th Governor of the The PM said Patel leaves this rule.” Central bank on September 5, behind a great legacy and will Senior Congress leader Vijay Mallya speaks to the media as he leaves Westminster Magistrates Court in London on Monday AP 2016, had the shortest tenure at be missed immensely. “Dr Patel Kapil Sibal said, “People he the RBI since 1992. is an economist of a very high (PM Modi) appointed are “On account of personal calibre with a deep and insight- resigning, first Arvind reasons, I have decided to step Dr Urjit Patel is a thorough professional with ful understanding of macro- Subramanian left as the Chief down from my current position impeccable integrity. He has been in the Reserve Bank economic issues. He steered the Economic Adviser and now it’s London court orders effective immediately,” Patel of India for about 6 years as Deputy Governor and banking system from chaos to Patel. The economy is suffering said in a brief statement. Governor. He leaves behind a great legacy. We will order and ensured discipline. and Modi thinks that he’s the The Government and the miss him immensely. NARENDERA MODI Under his leadership, the RBI biggest economist and he does- RBI stood divided over sever- The Government acknowledges with deep sense of brought financial stability,” the n’t need them, so they are al issues, including transfer of appreciation the services rendered by Dr Patel to this PM tweeted. resigning.” Mallya’s extradition surplus reserves to the country both in his capacity as the Governor and the Finance Minister Arun Former Finance Minister P Government. The Government Deputy Governor of the RBI. It was a pleasure for me Jaitley too appreciated the ser- Chidambaram said he is sad- can be extradited to India to being brought to the book by also wanted the RBI to provide to deal with him and benefit from his scholarship vice rendered by Patel saying it dened but not surprised by the Liquor baron stand trial on the charges the NDA Government. additional liquidity to credit- ARUN JAITLEY was a pleasure to deal with him resignation of Patel as RBI brought by the CBI and the ED. “Great Day for India. No starved MSME sector in the and he has benefitted from his Governor and claimed no self- gets 14-day The judge referred the extradi- one who cheats India will go wake of ILFS bankruptcy and I think, this is something that all Indians should be scholarship. “The Government respecting scholar or academ- tion case to Secretary of State scot free. The judgement of align Prompt Corrective Action concerned about because strength of our institutions acknowledges with deep sense ic can work in the NDA time to appeal and Mallya will have 14-day UK’s Court is welcome. An ( PCA) norms for public sec- is really important for our growth, sustainable growth of appreciation the services Government. time to appeal against the order. offender benefited during the tor banks with global practices. and equity in the economy RAGHURAM RAJAN rendered by Dr Patel to this In a series of tweets, the against order The order is significant in UPA. The NDA brings him to Though Patel has cited RBI Governor is resigning because he’s country, both in his capacity as senior Congress leader said the high-profile extradition book,” Jaitley said in a tweet. “personal” reasons for his res- protecting the institution of RBI. Taking away the Governor and the Deputy the last meeting of the RBI PNS/AGENCIES n trial that has lasted over a year The 62-year-old former ignation, his ouster was on the reserves from RBI to save your skin is an act against Governor of the RBI. It was a Board held on November 19 NEW DELHI//LONDON and comes close on the heels of Kingfisher Airlines boss was on cards ever since the this nation. I am very proud that people from all walks pleasure for me to deal with was the “day of reckoning” successful extradition of bail since his arrest on an Government threatened to of life and institutions are standing up to it him and benefit from his schol- and Patel should have resigned UK court on Monday AgustaWestland accused extradition warrant in April last invoke certain provision of the RAHUL GANDHI arship,” Jaitley tweeted. on that day. “Patel may have Aordered the extradition of Chritian Michel. However, year. Mallya called the decision RBI Act to force him to con- The Opposition has thought that Government will liquor baron Vijay Mallya, the there is little hope that Mallya to allow his extradition to sider its views on relaxing Acharya said Governments an eye on the next year’s poll, slammed the Government over re-trace its steps. I knew it fugitive businessman who is could be brought back to India India “unfortunate”. lending norms for segments that “don’t respect the RBI’s the Government would like to Patel’s resignation. Emerging would not. Good he quit before wanted in India for fraud and shortly. His lawyers are set to Earlier, Mallya sought to such as small and medium independence will sooner or corner a portion of the RBI from the Opposition parties’ another humiliating meeting. money laundering involving challenge the order in the high disprove the narrative before enterprises, appropriate size of later incur the wrath of finan- reserve to launch series of pop- meeting, Congress president Saddened, not surprised, by an estimated `9,000 crore of a court and that entire process the reporters outside the case reserves the Central bank must cial markets, ignite economic ulist measures. The need for Rahul Gandhi said, “RBI Patel’s resignation. No self- consortium led by the SBI and could go on for months. that he has “stolen” the money maintain and easing norms fire, and come to rue the day liquidity for the MSME sector Governor is resigning because respecting scholar or academ- another set of loans by the IDBI. Hailing the UK court, and said his offer to repay the for weak banks. they undermined an important and NBFC are also uppermost he’s protecting the institution of ic can work in this Westminster Magistrates’ Finance Minister Arun Jaitley principal amount to the Indian On October 27, RBI regulatory institution”. on the agenda of the RBI. Taking away reserves from Government,” he said. Court Chief Magistrate Emma said the offender who benefit- banks was “not bogus”. Deputy Governor Viral It is understood that with Government to prevent slide in RBI to save your skin is an act Continued on Page 7 Arbuthnot ruled that Mallya ed during the UPA rule is Continued on Page 7 21 Opp parties vow to block BJP’s comeback Guv: Performance of state Kushwaha SP, BSP give parts with meeting a miss varsities has improved NDA, Govt PNS n NEW DELHI PNS n NEW DELHI PNS n LUCKNOW for approval by the state gov- op leaders of Opposition ernment and if he found any fter sulking for the past few Tparties on Monday decid- ttar Pradesh Governor flaw in it, he would refer it Amonths, Rashtriya Lok ed to come together to prevent Uand Chancellor of state back to the state govern- Samta Party (RLSP) president the BJP from coming back to universities Ram Naik said ment. Upendra Kushwaha on power in the next year’s Lok that under his tenure the per- The Governor said that Monday resigned from the Sabhs polls. formance of universities had the state government had Union Council of Ministers In a meeting of Opposition improved with regularisation assured him that the bill would accusing Prime Minister parties attended by leaders and of session, cheating-free exam- be introduced in Assembly Narendra Modi of reducing representatives of 21 political inations and holding of con- only after a consensus was Cabinet to a “rubber stamp”, parties, including Congress vocations as per schedule. reached with different stake “betraying” backward classes, president Rahul Gandhi, The Governor said that he holders.
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