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RBI Governor Wanted To Quit Months Before Resignation: PM Modi

Former head of India’s central bank, Urjit Patel had personally written to prime minister Narendra Modi about his intention to quit as Reserve Bank of India (RBI) governor before stepping down in December 2018, prime minister Modi said in an interview with ANI on Tuesday (1).

“The governor himself requested (to resign) because of personal reasons. I am revealing for the first time, he was telling me about this for the past six-seven months before his resignation. He gave it even in writing. He wrote to me personally,” Indian prime minister told ANI.


“No such question arises. I acknowledge that Patel did a good job as RBI Governor,” Indian prime minister said answering to a question.

“Mr Urjit Patel has done great work as the RBI Governor: PM,” Modi said in a series of tweets on Tuesday.

Central bank governor left his office after months-long impasse over policy issues with the Modi led government. According to the media reports, Modi challenged the functioning of the country’s central bank in the months-long deadlock.

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Bank of England cuts interest rates to 3.75 per cent, signals caution on further reductions

Highlights

  • BoE reduces benchmark rate by 0.25 percentage points in tight 5-4 vote split.
  • Governor Andrew Bailey warns future cuts will be "closer call" with each reduction.
  • Sterling rises and gilt yields increase as markets react to cautious tone.

The Bank of England cut interest rates to 3.75 per cent on Thursday following a narrow vote by policymakers but signalled the gradual pace of lowering borrowing costs might slow further.

Five Monetary Policy Committee members voted to reduce the benchmark rate by 0.25 percentage points from 4 per cent, marking the fourth cut in 2025. Four members opposed the move, concerned about inflation remaining too high despite recent falls.

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