The functioning of the central bank not dependent on any particular individual, he says
A day after Urjit Patel resigned as Reserve Bank of India (RBI) Governor, Niti Aayog vice-chairman Rajiv Kumar on Tuesday said the central bank’s institutional capabilities are ‘very strong’ and it will do whatever is required for the markets and economy.

Mr. Kumar further said that although Mr. Patel had done an amazing work in the last two years as the RBI Governor, the functioning of the central bank was not dependent on any particular individual.

“RBI’s institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that the business will continue,” Mr. Kumar said on the sidelines of an event here.

Commenting of weakening of the Rupee after Mr. Patel’s resignation, Mr. Kumar said: “The government also, I am sure, is seized of the matter and will take care whichever way it’s possible.”

The rupee Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Mr. Patel, who had a run-in with the government over autonomy of the central bank.

Courtesy by : The Hindu