New Delhi, November 25: As the nation is going through the biggest currency overhaul in its history, RBI Governor Urjit Patel’s absence raises many questions.
The head of the monetary authority Urjit Patel has spoken just once since the demonetization move. Mounting cash shortages forced the Supreme Court to notify its explanation, whereas the ‘All India Bank Officers Confederation’ has called for the resignation of RBI governor Patel.
As a governor of RBI, it is moral responsibility of the RBI chief to explain for the causes for the current cash crunch that is being inflicted on populace across the nation. More than 50 people, including 11 bank officials have lost lives due to demonetisation in the country so far.
As per media sources Robert Hockett, who teaches monetary law at Cornell University and advises the New York Federal Reserve, said by an e-mail
“Generally, measures of this sort are carefully planned well in advance, and the public is given plenty of time in advance to adjust.It is generally to be expected, and is typically the case, that the actual issuer of the currency, the central bank, plays the leading, if not the sole, role in these matters.”
Since, Patel, who is responsible for the implementation of the monetary policy, has been completely silent over the past 15 days, it raises questions to the credibility and the autonomy of Reserve Bank of India. Also, the man firefighting in the media has been the Economic Affairs Secretary.