RBI's institutional capabilities very strong: Niti Aayog's Rajiv Kumar on Urjit Patel's exit

PTI
New Delhi, Delhi, India Published: Dec 11, 2018, 12:30 PM(IST)

RBI Governor Urjit Patel. Photograph:( Reuters )

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The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual.

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy.

Kumar further said although Patel has done an amazing work in the last two years as RBI Governor, the functioning of the central bank is not dependent on any particular individual.

"RBI's institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that you know, the business will continue," Kumar said in New Delhi on Tuesday.

Patel, who had a run-in with the government over autonomy of the central bank, resigned as RBI governor on Monday, citing personal reasons.

The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual.

"Patel has done an amazing work in the last two years...But RBI is not dependent on any one particular individual," Kumar said.

Commenting of weakening of the rupee after Patel's resignation, Kumar said: "The government also, I am sure, is seized of the matter and will take care whichever way it's possible."

The rupee on Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

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