IMF backs RBI’s Patel in call for full oversight powers

Urjit Patel has called for the RBI to be granted the same powers to oversee both public and private banks

The International Monetary Fund has called on the Indian authorities to give the central bank full powers to oversee the country’s troubled public-sector banks (PSBs), echoing a similar call from governor Urjit Patel earlier this year.

IMF staff urged authorities to “provide the RBI full regulatory and supervisory powers over PSBs”, to make the powers “ownership-neutral”.

Currently, the central bank has greater powers to intervene in private banks than it does in public banks, which appears to

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