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What is compelling the RBI Governor Mr. Urjit Patel to resign now?

There are news reports, since last few days, suggesting that Mr. Urjit Patel might resign from the post of the Governor of the Reserve Bank of India (RBI) very soon. The reason being provided in these reports is his ‘disagreement’ with the present Indian Government on the issue of paying RBI’s surplus funds in the form of dividends to the Central Government. Obviously, the Government wants a higher percentage of dividend as against that paid by the RBI. Also, there are other reasons provided too like the government intends to cut down the powers of the RBI by appointing a separate payments regulator, etcetera.

But, are these the actual reasons which might compel Mr. Patel to resign at such a crucial time? Or is there anything else hidden behind the curtains, invisible to the naked eyes? Well, what’s going on in the mind of Mr. Patel is something known to him alone so only he can enlighten the citizens of India on his sudden change of mind. Until the time, Mr. Patel realizes his obligatory duty to reveal in front of the country each and every single fact about his tenure as the Governor of the RBI, we the common citizens don’t have many options left in front of us to find the real truth.

Nevertheless, if at all, Mr. Urjit Patel choose to resign from the coveted and respectful position of the Governor of the Central Bank of the Country ‘now’ than before doing so he should apprise the citizens about the “real and digestible” reasons behind his shocking decision, especially at such a crucial time when our economy itself is struggling to a large extent. At least the common men deserve to know this much from the ones in whose hands they have left the fate of their beloved country.

Hence, in my capacity as the common man of the world’s largest democracy India, with utmost due respect, I would like to raise the following extremely important questions to Mr. Urjit Patel, with regard to his tenure as the Governor of the RBI, considering the speculations on his resignation –

  1. Why didn’t you choose to resign when the Modi Government informed you that it’s going forward with the suicidal step of Demonetisation of High Indian Currency Note?
  2. What stopped you from stepping down of your chair after the Demonetisation step was taken and it turned out to be the biggest failure of your tenure?
  3. Didn’t you think for once that it was your moral duty to resign, taking the ownership of all the hardship that the bank staff has gone through, during the Demonetisation period?
  4. Why didn’t you resign when the biggest banking fraud of India done by the absconding Nirav Modi with the Punjab National Bank (PNB) was unearthed?
  5. Wasn’t the free flow of rupee against the dollar a good enough reason to consider resigning from your post much earlier than now?

Well, as I said above that the actual reason of Mr. Patel’s resignation (if at all) could only be known by reading his mind, still the timing and circumstances surely raise eyebrows and the possibility of shedding away from the responsibilities before the situation worsens up more couldn’t be sidelined straight away. As it is, the overall condition of the economy doesn’t look much good and there is very little hope of recovery in the near future so a resignation at this time could bring a respectful exit, right?

What could be a better time to exit and save your neck from all the mess that has happened from not putting your foot down when it was needed much? Correct me if I am wrong but that’s how it looks like. As per my personal view, the above-mentioned 5 reasons gain much more weight-age than parting away with the surplus funds in the name of dividends, as far as, resigning from the RBI Governor’s post is concerned.

Mr. Urjit Patel your reign will be scanned in the future and if not now, then sometime in the near future you will have to justify your stand. I hope you have logical reasons behind every action/inaction of yours, in absence of which the finger will be rightly pointed towards you. Do remember that you might have the privilege to exit early but we the common citizens of India don’t have the opportunity to move out of this mess created from all sort of unprepared and unthinkable decisions taken by the leaders and bureaucrats of our country.

Herewith, I would like to quote the following lines extracted from the third part of my other Blog Demonetisation of High Indian Currency Note – Was it really a masterstroke? – Part 3 – “The politicians can continue self-praising themselves and keep patting their back, but everyone (except the blind and paid followers), knows that the Government of India (GOI) and Reserve Bank of India (RBI) have substantially goofed up in taking this drastic step. For sure the Pradhan Sevak of India and the Governor of RBI knows this fact and may be in the later stage of their life they might gather the courage to openly agree to this blunder on their part. But as of now, the Pradhan Sevak has to keep his ego intact and the Governor of RBI, in order to save his job, has to stand by the side of his Master, so from their side, everything seems to be a goody-goody.”

As a patriotic citizen of the Motherland India, I have tried to touch upon a few of the issues in this blog that might help my fellow countrymen/women to take this important matter with utmost seriousness so that it doesn’t fade away in the light of other irrelevant issues being served to them as part of a pre-planned propaganda. The resignation of the Governor of the Central Regulatory Authority of any nation is not a small issue to be ignored just like that. Rather, we all have to understand the seriousness of this issue, as well as, the implication of such a drastic step in our economy, as a whole.

Transparency in conduct is one of the basic features of Democracy. If at all, we want to save our democracy then we have to make sure that each and every single act in the public domain is transparent. I do hope that if not the bureaucrats and the politicians then we the citizens will stand up for transparency in our system and ensure that our elected representatives, as well as, those sitting on important posts aren’t able to misuse the powers granted to them.

I wish that may the Almighty give good sense to each one of us.

God Bless.

Stay in touch!

 

Peyush Jain

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