New Delhi, Dec 10: Amid an unprecedented public face-off with the government over a range of issues including autonomy, Reserve Bank of India Governor Urjit Patel stepped down from his post today citing “personal reasons”.
Patel was appointed in 2016 for a three-year term, which was to expire in September next year.
“On account of personal reasons, I have decided to step down from my current position effective immediately,” Patel said in his letter that had no word on his future plans.
The resignation comes days ahead of a crucial board meeting on Friday that was meant to discuss the progress on issues raised by the board’s government nominees last month.
In a series of tweets, Prime Minister Narendra Modi said Patel “leaves behind a great legacy. We will miss him immensely”.
“Wishing Mr Patel all the very best and many more years of public service” Finance minister Arun Jaitley tweeted: “The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship.”
One of the first to respond to the issue was Patel’s predecessor Raghuram Rajan. “All Indians should be concerned about Governor Patel’s resignation,” said Rajan, the outspoken former Governor who, at the end a controversial three-year tenure, had returned to academia.
The simmering differences between the RBI and the government over three key issues, which included excess reserves, boiled over in October. The government was seen to be ramping up pressure on the bank to release the reserves, which, critics said, would help boost the economy in an election year.
There were apprehensions that the government might try to force the Governor’s hand. Senior Congress leader and former Union minister said it could be done through the bank’s board, which the government has “filled with its men”.
Last month, the board met for more than nine hours in Mumbai to resolve the differences, which ended on a conciliatory note. The bank had agreed to set up a panel on sharing surplus reserves and restructure loans of small businesses up to Rs. 25 crore.
The RBI has an excess reserve of Rs. 3.6 lakh crore, which, the government maintains, can be used for development, sources said. The bank contends that keeping extra reserves are essential in view of possible emergencies.
S Gurumurthy, one of the government-nominated members of the Board, had said while studies suggest that reserves could be 12 to 18.7 per cent of assets, the RBI has 27-28 per cent — which amounts to 3.6 lakh crore.
Here is Urjit Patel’s full statement:
“On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”
ASI among three cops injured in Rajbagh grenade blast
Srinagar, Jan 17: Assistant Sub-Inspector (ASI) of police and two traffic cop were injured in a grenade blast near Zero Bridge in Rajbagh area of Srinagar city in Central Kashmir on Thursday afternoon.
Reports said that suspected militants lobbed a grenade on police party near Zero Bridge in Rajbagh.
In the blast, three policemen including an ASI of police and two traffic policemen sustained splinter injuries and were evacuated to SMHS hospital for treatment.
The injured has been identified as Iqbal Singh (ASI of JKAP 14 Bn) and traffic policemen Haris Manzoor (SPO) and Sanullah (Head Constable).
While ASI Iqbal has sustained splinter injuries to both of his legs, Haris suffered an injury to the back side of his neck and Sanullah suffered injuries in his right leg.
SSP Srinagar Imtiaz Ismail Parray confirmed the attack and subsequent injuries to the ASI and two traffic cops.
Soon after the attack, the government forces cordoned off the area and launched a hunt to nab the attackers.
Security forces have launched a massive search operation in Rajbagh and adjoining areas near Zero Bridge after three police personnel including assistant sub-inspector were injured in a grenade attack by the terrorists on Thursday.
Homes and hotels in the area were searched frisking was also carried out. It was the first major terrorist attack in the Srinagar city this year. The injured cops are undergoing treatment at the hospital.
Meanwhile Jaish-e-Mohammad (JeM) has claimed responsibly of the grenade attack on the forces’ party at Raj Bagh area of Srinagar.
A JeM spokesperson Muhammad Hassan in a statement claimed that two forces personnel were killed and 6 critically injured in the attack.
An ASI of police and two traffic cops were injured in a grenade blast near Zero Bridge, Raj Bagh in Thursday afternoon.
2018 has been remarkable year for forces: Army commander
Srinagar, Jan 17: A top army commander on Thursday described 2018 as “remarkable year” for government forces, saying that more than 250 militants were killed, 54 others were arrested and four others surrendered in Kashmir Valley.
“The year 2018 has been a remarkable year for armed forces on the security front. As per the record of last ten years, army along with other forces have neutralized many militants. Many militants have surrendered under pressure and many others were arrested alive,” said Lt Gen Ranbir Singh, GoC-in-C Northern Command told reporters after inaugurating Kalai Bridge constructed by Border Roads Organization.
“More than 250 militants were killed, 54 others arrested and four others have surrendered,” he said, adding, “This speaks about the strength of our security establishment,” the officer said.
He said that the army was giving “befitting reply” to Pakistan army along the Line of Control whenever there were instances of any ceasefire violation or snipping.
“As per wireless and other intercepts, Pakistan army and militants suffered a huge loss in our retaliatory action.”
The Kalai Bridge spans over Suran River and connects Kalai area to Chandak area in Poonch district. During the inaugural function, the Army Commander addressed the gathering of Army, GREF and local residents and said that the Kalai bridge is an important milestone towards enhancing the road communication in the area.
“The bridge is an important strategic asset as it enhances the movement of military equipment and troops in a faster time frame,” he said. The Indian Army and BRO have been working towards infrastructure development in the remote and far-flung areas and improving the road connectivity, he said.
“The bridge will reduce traffic congestion in the city and ease out inconvenience caused to the people specially those moving towards Budha Amarnath Shrine in Mandi as it reduces the travelling time considerably.”
The Army Commander appreciated the contribution of the District Administration for their support and cooperation during the construction of the bridge.
Beg to differ: Omar Abdullah
Srinagar, Jan 17: Former Jammu and Kashmir chief minister and National Conference (NC) vice-president Omar Abdullah on Thursday lashed out at the Northern Command Chief Lt General Ranbir Singh, on his “great year for security forces” remark.
Taking to Twitter, Abdullah wrote, the compulsion of killing militants/terrorists shouldn’t be treated as a cause for celebration.
“I beg to differ, a great year would be one in which no young man would join militancy, no terrorists would be killed & no security personnel would lose their lives in encounters. The compulsion of killing militants/terrorists shouldn’t be treated as a cause for celebration,” Abdullah wrote.
Abdullah was reacting to a statement by Gen Singh on the sidelines of the inauguration of the Kalai bridge in Poonch district. Gen Singh said 2018 had been a great year for the security forces as they had managed to kill 250 terrorists.
Heartening to meet Kashmiri students in Bangladesh: Shahid Afridi
Srinagar, Jan 17: Star Pakistan cricketer Shahid Afridi on Thursday met Kashmiri students in Bangladesh and interacted with them.
Afridi said that it was heartening to see Kashmiri students in Bangladesh who are studying medicine.“Heartening meeting with some Kashmiri students who are in Bangladesh on scholarship, studying Medicine. Keep up the hard work and making your people proud!,” he tweeted.
Afridi in the past has been in controversies over Kashmiri over his support to the Kashmir cause. He has been vocal about letting the people of Kashmir decide their future.