Business

RBI Guv Urjit Patel Speaks On Demonetisation, Says Its Benefits Will Take Time To Show Up

News World India | 0
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| February 17 , 2017 , 13:40 IST
Urjit The historic decision to phase out high-value currency notes of 1000, 500 was announced on 8th November. The government took the decision, but as per the protocol such decisions are taken by the central bank. Also Read: Cash Flow To Normalise Soon: Urjit Patel Urjit Patel's has been reluctant to face the media. But the governor told in an interview with Network18 that his office requires him to develop a 'thick skin', and that he welcomes a constructive criticism. However, his predecessor, Raghuram Rajan, used to speak his mind loud and clear. But if we judge him only on the work he's done till now. The rupee is stable and there are no signs of inflation. Patel also said that the rupee is "broadly where it should be." The currency has gained 1.2 percent in 2017 to 67.11 a dollar as of 9:28 a.m. in Mumbai, after falling to a record last year. Also Read: Demonetisation Process Began Early Last Year: RBI Governor Urjit Patel To MPs Patel kept the repurchase rate unchanged at 6.25 percent for a second straight meeting this month and changed the policy stance to "neutral" from "accommodative," the first change since 2015. "The best way that a central bank can support growth on a durable basis is to ensure that the inflation is low, stable, there is financial stability and that is the role that the central bank plays," Patel said.