Downplaying Reserve Bank of India (RBI) Governor Urjit Patel’s resignation, Niti Aayog vice-chairman Rajiv Kumar on Tuesday said the central bank is a professional institution and is not dependent on one individual.
“RBI is such a professional institution, a long standing institution that the business will continue. It’s not as if it is dependent on any one particular individual,” Kumar said on the sidelines of 15th Global Inclusive Finance India summit here.
Patel resigned from his position on Monday after a tiff with the government on liquidity issue and matters related to RBI’s autonomy. The stand-off came out in public domain in October after RBI Deputy Governor Viral Acharya flagged the concern.
However, Kumar expressed his faith in the RBI’s institutional capabilities and said the government will take necessary steps to maintain business as usual.
“Rest assured the government will do whatever is required to make it business as usual… RBI’s institutional capabilities are very strong and they will do whatever is required for the markets and economy.
“The government, I am sure, is seized of the matter and will take care,” he said.Kumar added: “The Governor has done amazing work in the last two years that he has been here”.