Moneycontrol
Last Updated : Oct 31, 2018 04:29 PM IST | Source: Moneycontrol.com

Centre vs central bank: These are the RBI governors who dared to defy the finance ministry

The government is likely to impose Section 7, which could curb the central bank's autonomy.

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The recent spat between Reserve Bank of India (RBI) and the government is not the first time the two have locked horns over the central bank's autonomy. RBI Governors in the past also have had public feuds with the government over a number of issues. (Image: Reuters)
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The recent spat between Reserve Bank of India (RBI) and the government is not the first time the two have locked horns over the central bank's autonomy. RBI Governors in the past also have had public feuds with the government over a number of issues. (Image: Reuters)

Urjit Patel | Term: 2016-Present | Patel was reported to be considering resignation over disagreements with the government. The rift began after Deputy Governor Viral Acharya said the government does not respect RBI's independence. Finance Minister Arun Jaitley accused the central bank of failing to prevent bad loans.
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Urjit Patel | Term: 2016-Present | Patel was reported to be considering resignation over disagreements with the government. The rift began after Deputy Governor Viral Acharya said the government does not respect RBI's independence. Finance Minister Arun Jaitley accused the central bank of failing to prevent bad loans.

Benegal Rama Rau | Term: 1949-1957 | He resigned after a public feud with the then finance minister TT Krishnamachari. The trigger for Rau's resignation was Krishnamachari’s decision to levy stamp duty on bills.
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Benegal Rama Rau | Term: 1949-1957 | He resigned after a public feud with the then finance minister TT Krishnamachari. The trigger for Rau's resignation was Krishnamachari’s decision to levy stamp duty on bills.

Manmohan Singh | Term: 1982-1985 | Singh wanted to quit during his tenure as RBI Governor, when Pranab Mukherjee was Finance Minister. Singh's offer to quit had reportedly come after he was pressurised to allow the now-defunct Bank of Credit and Commerce International to open a branch in Mumbai.
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Manmohan Singh | Term: 1982-1985 | Singh wanted to quit during his tenure as RBI Governor, when Pranab Mukherjee was Finance Minister. Singh's offer to quit had reportedly come after he was pressurised to allow the now-defunct Bank of Credit and Commerce International to open a branch in Mumbai.

Yaga Venugopal Reddy | Term: 2003-2005 | Reddy worked with two finance ministers - NDA's Jaswant Singh and UPA's P Chidambaram. He had public disagreements or "creative tension" with Chidambaram over monetary policy.
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Yaga Venugopal Reddy | Term: 2003-2005 | Reddy worked with two finance ministers - NDA's Jaswant Singh and UPA's P Chidambaram. He had public disagreements or "creative tension" with Chidambaram over monetary policy.

Duvvuri Subbarao | Term: 2008-2013 | D Subbarao batted for the central bank's autonomy with both P Chidambaram and Pranab Mukherjee during their terms as Finance Minister. In his book 'Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years', Subbarao addresed his differences with the UPA government.
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Duvvuri Subbarao | Term: 2008-2013 | D Subbarao batted for the central bank's autonomy with both P Chidambaram and Pranab Mukherjee during their terms as Finance Minister. In his book 'Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years', Subbarao addresed his differences with the UPA government.

Raghuram Rajan | Term: 2013-2016 | Rajan disagreed with Finance Minister Arun Jaitley on a number of issues. BJP MP Subramanian Swamy was a vocal critic of Rajan, even asking for Rajan's removal from the post before his tenure ended. The government did not give him an extension amid reports that it wasn't happy with Rajan's interest rate policy, and his public remarks on non-economic issues.
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Raghuram Rajan | Term: 2013-2016 | Rajan disagreed with Finance Minister Arun Jaitley on a number of issues. BJP MP Subramanian Swamy was a vocal critic of Rajan, even asking for Rajan's removal from the post before his tenure ended. The government did not give him an extension amid reports that it wasn't happy with Rajan's interest rate policy, and his public remarks on non-economic issues.

First Published on Oct 31, 2018 02:05 pm
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