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RBI Governor Urjit Patel May Resign, Reports Say; Rupee Down
The government has invoked never-before-used powers under the RBI Act. The 10-year benchmark bond yield rose to 7.87 per cent. The rupee again breached the 74-mark against dollar on Wednesday.
31 Oct 2018, 01:09 PM IST 
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Government uses RBI Act to issue directions to central bank governor in public interest, reveals report.
MUMBAI/BENGALURU: Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday, sparking a sell-off in the rupee and bonds. Television channels CNBC-TV18 and ET Now cited sources as saying that Patel could quit. The RBI and the finance ministry declined to comment. The government has invoked never-before-used powers under the RBI ...
