Urjit Patel
People: October to December 2025
A round-up of central bankers in the news and on the move during the past three months
Book notes: Quest for restoring financial stability in India, by Viral Acharya
A definitive contribution to the political economy of central banking in emerging economies, but Acharya does not acknowledge the challenges moving forward
RBI to pay out $7.6 billion to cash-strapped government
Central bank maintains capital at lower bound of specified range
Former RBI deputy attacks government over fiscal dominance
Recent actions by Indian government are “tantamount to coercive monetisation”, says Viral Acharya
People: Modi’s government appoints new RBI deputy governor
Michael Patra takes position left by Viral Acharya in June 2019; EBA names new executive director; UK Payment Systems Regulator appoints a new head of policy
RBI makes fresh bid to boost transmission mechanism
Banks mandated to link floating-rate loans to an external benchmark
RBI hands over chunk of its capital to government
Nearly $25 billion transferred to government as long-awaited Jalan report is submitted
RBI implements fourth rate cut of the year
Central bank reduces interest rates by 35bp to 5.4%, as it lowers growth forecasts
A dangerous moment for the Reserve Bank of India
The RBI’s high-profile skirmishes with India’s populist government in 2018 threatened the central bank’s mission. Central bankers worldwide should take note
RBI boosts Modi’s coffers with early dividend
Interim payout is larger than in 2018 and comes ahead of general election
RBI unexpectedly cuts rates as elections loom
Inflation lowest for 18 months, but cut will be welcome to Modi administration; governor refuses to answer political influence question
RBI reverses course on restructuring of troubled loans
Decision goes against previous demands that banks cease policy of “extend and pretend”
2018: The year in review
The past year marked a return to instability, but also saw some innovations among central banks
Demonetisation backer becomes new RBI governor
Former civil servant Shaktikanta Das picked to take over after Urjit Patel’s resignation
Indian governor resigns after conflict with government
Patel quits after threatening to resign over BJP’s attempts to use reserves
Indian economy still strong despite financial troubles – RBI
Rapid credit growth continues despite need for ongoing liquidity support for non-banks
RBI standoff ends in compromise after marathon meeting
Nine-hour meeting ends in agreement, but government extracts concessions on key issues
Rajan sees room for disagreement between RBI and government
But former governor says triggering Section 7 would be cause to be “very worried”
Government steps in as RBI row escalates
Governor Patel rumoured to have threatened resignation
Acharya makes pointed defence of RBI’s independence
Governments may “ignite economic fire” if they undermine the central bank, deputy says