The Indian government has invoked never-used-before powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, the Economic Times reported on Wednesday.
Separate letters have been sent to the Reserve Bank of India (RBI) governor in recent weeks, exercising powers under the section on issues ranging from liquidity for non-banking financial companies, capital requirement for weak banks and lending to small and medium enterprises, the report said.
The rift between India's central bank and the government has widened and could lead to the Reserve Bank of India (RBI) governor considering resignation, CNBC TV18 reported on Wednesday, citing sources.
There has been an irreversible breakdown between the RBI Governor Urjit Patel and the government, the media said, adding that all options were on the table.
Three weeks after a bizarre White House meeting with US President Donald Trump, rapper Kanye West said on Tuesday he was distancing himself from politics.
West, Trump's biggest celebrity supporter, also sought to distance himself from a new campaign that encourages black Americans to quit the Democratic Party.
"My eyes are now wide open and now realize I’ve been used to spread messages I don’t believe in. I am distancing myself from politics and completely focusing on being creative!!!" West tweeted, without mentioning Trump, who is a Republican, or any other names.