Why is RBI governor Urjit Patel silent on demonetisation?

The silence of Reserve Bank of India (RBI) governor Urjit Patel on demonetisation has baffled everyone.

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New Delhi, Nov 22: It has been two weeks since Prime Minister Narendra Modi in a televised address to the nation announced the demonetisation of Rs 500 and Rs 1,000 currency notes on November 8.

Since then lives of the people have taken a complete U-turn as everyone is scrambling to get hold of valid currency notes from banks and ATMs.

Urjit Patel

Cash crunch has hit the entire nation, which in turn has adversely affected the economy of the country.

[Also Read: Do you've Rs 2,000 note? Sorry, no business without Rs 500, Rs 100 notes]

In such a scenario, the silence of Reserve Bank of India (RBI) governor Urjit Patel has baffled everyone.

Patel is yet to make any public statement on the issue. In fact, there is a growing clamour for his resignation after the "havoc" demonetisation has caused across the nation.

[Also Read: Dear PM Narendra Modi, joke on demonetisation not really funny]

According to a report in The Indian Express, the All India Bank Officers Confederation has called for the resignation of RBI governor Patel, taking the moral responsibility for the current crisis in the country and the deaths of more than 50 people, including 11 bank officials.

"The present governor has utterly failed in his role by taking a crucial economic decision without planning, which has brought havoc to the nation's economy and lives of the majority," D Thomas Franco, senior vice-president of the confederation, said.

"The person responsible for the implementation of the policy has been completely silent over the past 13 days. Urjit Patel, who took over from Raguram Rajan as the Reserve Bank of India governor in August, has not found it necessary to make a single statement about the chaos that demonetisation has unleashed. The man firefighting in the media has been the Economic Affairs Secretary Shaktikanta Das," stated an article in Scroll.

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