All Indians should be concerned, says former RBI Governor Raghuram Rajan on Urjit's resignation
New Delhi, Dec 10: With RBI Governor Urjit Patel putting in his papers, his immediate predecessor Raghuram Rajan Monday said "all Indians" should be concerned as strength of institutions is important for growth and development.
Patel, who faced the possibility of an unprecedented action from the government over differences on a variety of issues, resigned from his job, citing personal reasons.
"I think Dr Patel has made a statement and I think this is the ultimate statement that a regulator or a civil servant can make. I think the statement should be respected," Rajan told news channel ET Now.
"We should" go into the details as to why there was impasse, which forced this ultimate decision, he noted.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan, who completed his three-year term as RBI Governor in September 2016.
With regard to powers of the RBI Board, Rajan said there is "an extreme" change in the nature of the governance of the Reserve Bank of India for the "board to become an operational board, that is to make operational decisions".
During his tenure, Rajan had differences with the government and did not get an extension.
Earlier, the board was an advisory and the professionals from the central bank took decisions, Rajan said, apparently referring to recent appointments of RSS ideologue S Gurumurthy and cooperative banking sector expert S K Marathe to the board.
"I think, the move towards giving the board more operational authority would impinge on the professional management to regulate and supervise (the bank)... and if that is to be the case then the board should be composed of professionals, as opposed to the larger public," Rajan opined.
Patel's resignation was being speculated right from the time the government cited a never-before-used provision of the RBI Act to get him to consider its views on relaxing lending norms for segments such as small and medium enterprises, appropriate size of reserves the central bank must maintain and easing norms for weak banks.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
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GRAP-III restrictions in Delhi as air quality remains 'severe' for third consecutive day
New Delhi (PTI): Delhi woke up to GRAP Stage III restrictions on Friday, as the city's air quality remained in the 'severe' category for the third consecutive day, prompting strict measures to curb pollution levels.
According to the Sameer aap , the Air Quality Index at 9 am was recorded in the 'severe' category (400 to 500), with a reading of 411.
The CAQM imposed GRAP Stage III as the national capital recorded the worst pollution levels in the country, with the air quality remaining in the 'severe' category for two consecutive days.
Prior to entering the 'severe' category, Delhi's air quality had been in the 'very poor ' range for 14 consecutive days.
It directed the authorities in Delhi-NCR to invoke curbs under stage III of the anti-pollution plan with immediate effect.
Curbs under Stage III include a ban on non-essential construction and demolition, closure of stone crushers and mining activities in Delhi-National Capital Region (NCR).
Under the Stage-IV restrictions of GRAP, all inter-state buses from NCR states 'except electric vehicles, CNG vehicles and BS-VI diesel buses' will be prohibited from entering Delhi, alongside a stringent ban on construction and demolition activities, suspension of mining-related activities, consideration of shifting to online classes for students up to Class V and daily water sprinkling on major roads.
Meanwhile, out of 39 monitoring stations in Delhi, a total of 27 stations recorded air quality in the 'severe' category, with readings above 400.
These stations include Alipur, Anand Vihar, Ashok Vihar, Aya Nagar, Bawana, CRRI Mathura Road, IGI Airport, ITO, Jahangirpuri, Mandir Marg, Mundka, Najafgarh, Nehru Nagar, North Campus, Okhla Phase 2, Patparganj, Punjabi Bagh, Pusa, RK Puram, Rohini, and several others.
The city recorded its lowest minimum temperature (night time temperature) of the season at 15.6 degree Celsius, 2.6 notches above normal, according to the weather department.
The night time temperature on Thursday was recorded at 16.1°C, the second highest of the season so far. A thick veil of fog blanketed the city, reducing visibility at Safdarjung to 400 meters at 7 am on Friday.
Humidity was recorded at 98 per cent at 8:30 am.
The weather department has forecast very dense fog for the day, with the maximum temperature expected to settle at 29 degrees Celsius.
Additionally, Delhi's air quality has been recorded as the worst in the country for the past two days.
