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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Man kills wife, two children before ending his life in Kalaburagi
Kalaburagi (Karnataka), Apr 3 (PTI): A 45-year-old man allegedly murdered his wife and two children before hanging himself at their apartment in Kalaburagi on the evening of April 2, police said on Thursday.
The incident occurred at Gabre Layout, near Old Jewargi Road, under Station Bazar police station limits.
The deceased have been identified as Santosh, a Senior Assistant at the Gulbarga Electricity Supply Company Limited (GESCOM), his wife and their two sons, police said.
According to police, the woman and the two children were "strangled to death", while Santosh died by suicide.
A death note was also recovered from the scene.
"Preliminary information suggests the couple had been married for 10 years and frequently fought. They had severed ties with their family for the past seven years. The death note mentions frequent misunderstandings and quarrels between them as the reason," Police Commissioner Sharanappa S D said.
Speaking to reporters, he stated, "We have registered a murder case. The Scene of Crime Officer (SOCO) team, Forensic Science Laboratory (FSL), and fingerprint experts have inspected the site. The exact timing of the incident is yet to be determined, but it likely occurred between 6-8 pm."
According to the police, after taking the lives of his wife and children, Santosh called a member of his wife's family, informing them about the incident and indicating that he intended to end his own life.
"The family member tried to dissuade him from ending his life, but in vain. When they arrived, the door was locked from the inside. Upon breaking it open, they discovered the bodies," police said, adding that further investigation is underway.
