Urjit Patel's resignation signals dangerous trend: AIBEA

IANS 11 December 2018

Economy & Nation

Although the All India Bank Employees' Association (AIBEA) had earlier demanded RBI Governor Urjit Patel's resignation, his calling it quits on Monday has left the banking body shocked and disturbed and it has termed it a "dangerous trend".

"The resignation of RBI Governor Urjit Patel is quite shocking and disturbing. The reasons for his resignation are obvious and signals a dangerous trend that institutions like RBI are no longer independent," AIBEA General Secretary C.H. Venkatachalam said.

Venkatachalam said at a time when there is a need for a more stronger and independent RBI, this vital institution is being intimidated by the central government.

The government is bent on weakening the RBI and making it pliable to meet its own political needs, he said.

When cited AIBEA's earlier demand that Patel should quit, Venkatachalam told IANS: "We had demanded his resignation over inaction on Nirav Modi issue. This is different. He is being eased out. It is an attempt to weaken the RBI."

In February, Venkatachalam demanded Patel's resignation owning up moral responsibility for the massive $1.8 billion Punjab National Bank scam/fraud allegedly committed by diamond retailer.

"The continued silence of the RBI Governor with regard to the scam/fraud in PNB is surprising and astounding. It indicates the deep involvement and failure of RBI in non-monitoring the Nostro account of PNB," Venkatachalam had told IANS then.

In April, the AIBEA had aggain demanded Patel's resignation, charging that the central bank was grossly negligent on several issues, including the cashless ATMs across the country.

In a statement at the time, Venkatachalam had said: "RBI has increasingly become irrelevant because they are becoming an appendage of the government, not enforcing their independent powers.

"In issue after issue, RBI is found wanting. It is high time that the present RBI Governor owns up and resigns or he should be removed. RBI is grossly negligent."

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Comments

User

Dr.Dhananjaya Bhupathi

7 years ago

1. Why CHV is questioning Shri Urjit Patel's resignation, when he [CHV] valiantly demanded resignation on 2 occasions? CHV Sir, do you have any mind think?
2. Why CHV should not resign from AIBEA, when lacs of Bankmen demand your resignation, comrade? Why do you continue to lead, shamelessly, even after retiring 1 decade ago?
3. How much further favours you expect from XI BPS to benefit your only daughter/son-in-law?
4. Whether AIBEA is a dead force to shunt out?
5. It is left to the wisdom of UFBU affiliates whether to go on INDEFINITE STRIKE FROM 26.12.2018 against banks' mergers.