RBI Governor met PM on Nov 9 possibly to thrash out issues
New Delhi, Nov 12: RBI Governor Urjit Patel is believed to have met Prime Minister Narendra Modi last week in a bid to work out a solution on contentious issues that have been flash point between the central bank and the government during the last few weeks.
Sources said Patel was in the national capital on Friday and met senior officials in the Prime Minister's Office (PMO).
The meetings, which some said also included with the Prime Minister, came amid a face-off between the central bank and the finance ministry over issues ranging from appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.
Sources said there are indications that the RBI may create a special dispensation for lending to small and medium enterprises, but it was not immediately clear if an agreement has been worked out to ease liquidity situation for non-banking finance companies (NBFCs) and the RBI parting with its substantial part of its surplus.
Tensions between the RBI and the government have escalated recently, with the Finance Ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.
RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.
Last week, Economic Affairs Secretary Subhash Chandra Garg had said the government was not in any dire need of funds and that there was no proposal to ask the RBI to transfer Rs 3.6 lakh crore.
He further said the only proposal "under discussion is to fix appropriate economic capital framework of RBI".
Economic capital framework refers to the risk capital required by the central bank while taking into account different risks. The Reserve Bank of India (RBI) has a massive Rs 9.59 lakh crore reserves.
Patel's meetings at the PMO came days before the RBI's crucial board meeting on November 19 during which contentious issues are likely to come up for discussion.
Sources said the government nominee directors and a few independent directors could raise the issue of interim dividend along with the capital framework of RBI.
However, any change in the central bank's economic capital framework can be carried out only after making amendments to the RBI Act, 1934.
Other issues which could be raised include alignment of capital adequacy norms with those in advanced countries and some relaxation in the Prompt Corrective Action framework, sources said, adding more measures to enhance lending to MSMEs and NBFCs may also be discussed.
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Metro ridership in Haryana sees over 13 pc rise in 2025-26
Chandigarh (PTI): Haryana's urban transit system witnessed a strong growth in 2025-26, with metro ridership registering a robust 13.55 per cent increase, the state government said in a statement on Thursday.
The progress was reviewed in the 64th board meeting of Haryana Mass Rapid Transport Corporation (HMRTC) chaired by Chief Secretary Anurag Rastogi.
Between April 2025 and February 2026, the metro network recorded over 1.74 crore passengers, compared to 1.53 crore in the corresponding period the previous year.
July recorded the highest monthly growth at 22.93 per cent, while all months showed consistent positive trends.
Financial performance has also remained strong, with fare revenue rising 12.64 per cent till January 2026, the statement said.
Non-fare revenue surged by 108 per cent, driven by effective monetisation of station spaces, advertisements and commercial activities, resulting in an operating surplus for Rapid Metro.
Further initiatives, including the auction of station naming rights and additional advertisement sites, are expected to strengthen HMRTC's financial position, the statement said.
Appreciating the performance, Rastogi stated that the consistent rise in ridership and revenue reflects the success of Haryana's integrated transport strategy, rising commuter confidence and a clear shift towards public transport.
HMRTC Managing Director Chander Shekhar Khare said that, alongside operational gains, the state is making steady progress on an ambitious pipeline of metro and regional transit projects.
Metro connectivity from Gurugram Sector 56 to Panchgaon is under active consideration, with Haryana State Industrial and Infrastructure Development Corporation Limited studying the Detailed Project Report (DPR) and layout plan, and finalising a depot location in Sector 36A near Sihi village, he said.
The Gurugram-Faridabad Namo Bharat corridor has achieved a key milestone, with alignment and station locations finalised and approved by the Haryana government. The National Capital Region Transport Corporation is preparing the DPR, he added.
Similarly, the Delhi-Kundli metro extension is proposed to be placed before the Haryana Cabinet for approval.
The 136.3-kilometre Delhi-Panipat-Karnal RRTS Corridor has also progressed, with the revised DPR submitted for financial concurrence ahead of Haryana Cabinet consideration.
Within Gurugram, DPR preparation has been approved for key intra-city corridors, including the 17.09-kilometre Bhondsi-Subhash Chowk-Rajeev Chowk-Sohna Chowk Railway Station corridor, enhancing connectivity along Sohna Road, Khare said.
