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RBI Governor Urjit Patel quits amid faceoff with Modi Govt, cites personal reasons

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[vc_row][vc_column][vc_column_text]Just under a month after the meeting with Reserve Bank of India (RBI) board of directors following a prolonged spat with Modi government, the central bank governor, Urjit Patel, resigned from his post, “effective immediately”, citing ‘personal reasons’.

Patel has become the first governor since 1990 to step down before the end of his term. Patel had taken over the reins of the RBI from Raghuram Rajan in September 2016 and his 3-year term was to continue till September 2019.

The sudden development comes after a spat with the government – barely resolved in a meeting of the board last month – over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.

On Nov 19, a RBI board meeting of more than nine hours in Mumbai ended on a conciliatory note, with the central bank agreeing to set up a panel on sharing surplus reserves, restructure loans of small businesses up to Rs. 25 crore and easing lending restrictions on some state-owned banks.

Resigning his post today, Patel said: “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years.”

“The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future,” the statement further added.

Speculation of Patel’s exit had gained steam after differences between the RBI and the government spilled out in the open following a hard-hitting speech by RBI Deputy Governor Viral Acharya, where he had stressed on the need to ensure the independence of the central bank. The speech was delivered with the backing of Patel, suggested the footnotes in Acharya’s speech.

The RBI and the government have been at loggerheads since October. According to reports, the Modi government was ramping up pressure on the bank on three key issues that included excess reserves in the bank which the government wanted for its purposes.

The RBI has an excess reserve of Rs. 3.6 lakh crore, which, the government reportedly wanted to use for development. The bank contended that keeping extra reserves are essential for possible emergencies or extraordinary situations.

Reacting to Patel’s announcement, the Congress tweeted, “Another one bites the dust. This is the result of the ‘chowkidar’s assault on democratic institutions.”[/vc_column_text][/vc_column][/vc_row]

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AAP’s Saurabh Bharadwaj accuses Delhi Police of stopping voters in Chirag Delhi

Bharadwaj highlighted specific locations like Chirag Delhi, where motorcycles, scooters, and cars were prohibited from approaching polling booths.

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On Wednesday, Delhi Minister Saurabh Bharadwaj alleged that the Delhi Police had erected barricades 200 meters away from polling stations in areas dominated by the Aam Aadmi Party (AAP), hindering vehicle access.

Bharadwaj highlighted specific locations like Chirag Delhi, where motorcycles, scooters, and cars were prohibited from approaching polling booths.

He expressed concern on X, questioning how elderly and disabled voters would be able to walk such a distance to cast their ballots. Bharadwaj also urged the Election Commission and the Delhi Police to clarify the legal basis for this enforcement.

With approximately 1.56 crore eligible voters in Delhi, the election features a competitive battle among AAP, BJP, and Congress. AAP is aiming for a third consecutive term, while the BJP is determined to regain power after more than 25 years. Meanwhile, the Congress, which governed Delhi for 15 years until 2013, is seeking a resurgence after failing to secure a single seat in the previous two elections.

Speaking to reporters, the AAP candidate for the Greater Kailash Assembly seat stated, “You’ve been here since morning trying to influence the elections. Why have the barricades been set up? Which senior officer from the Delhi Police authorized this? This is all aimed at disrupting the local villagers. The Malviya Nagar ACP and SHO are openly carrying out these actions wherever AAP has a strong presence.”

“Last night, the SHO even conducted a raid on our private premises. In this area, 21,000 people are expected to vote, yet the police are imposing restrictions at all 17-18 polling booths in Chirag Delhi. Voters are unable to reach the polling stations either by metro or by road. Did Virendra Sachdeva or President Murmu have to walk 200 meters from their vehicles to vote? There are no clear guidelines on this,” he added.

A total of 699 candidates are contesting in the elections, with both the Aam Aadmi Party and Congress fielding 70 candidates each, while the BJP has put forward 68 candidates and allocated two seats to its allies, JD(U) and LJP. In the key New Delhi constituency, where AAP chief Arvind Kejriwal is vying to maintain his position, the BJP and Congress have nominated the sons of former Chief Ministers Parvesh Sahib Singh and Sandeep Dikshit, respectively.

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Delhi elections: While voting, remember who is responsible for polluted air, dirty water, broken roads, says Rahul Gandhi

With around 1.56 crore registered voters, this election is under close scrutiny, as it has the potential to shape Delhi’s governance moving forward.

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Congress leader Rahul Gandhi on Wednesday appealed to the Delhi voters to cast their votes responsibly and said that while voting, remember who is responsible for polluted air, dirty water, and broken roads in the capital.

As voting for the 70 Assembly seats kicked off earlier today, Gandhi took to X and said, “Every vote you give to Congress will protect your rights, strengthen the Constitution and put Delhi back on the path of progress.”

“While voting, remember who is responsible for polluted air, dirty water, broken roads. Who committed the biggest scam in Delhi while talking about doing clean politics?” he added.

Congress candidate Sandeep Dikshit, running against Kejriwal in the New Delhi constituency, called on Delhi residents to vote in large numbers to safeguard their rights.

As polling continues until 6 PM, the election is proving to be a tense affair, with the three major parties—AAP, BJP, and Congress—making their cases for leadership in the national capital.

Earlier in the day, AAP national convenor Arvind Kejriwal urged Delhi voters to recognize the crucial role of their votes in determining the city’s future. He stated, “Hooliganism will lose, and Delhi will win.”

In a message shared on X, Kejriwal emphasized, “Your vote is more than just a button; it is the cornerstone of a bright future for your children. It provides an opportunity for good schools, excellent healthcare, and a dignified life for every family.” His appeal coincided with the start of voting for the Delhi assembly elections.

With around 1.56 crore registered voters, this election is under close scrutiny, as it has the potential to shape Delhi’s governance moving forward.

In his appeal, Kejriwal stressed the moral and political importance of the election, urging citizens to favour “truth, development, and honesty” instead of “politics of lies, hatred, and fear.” He encouraged voters not only to cast their own votes but also to motivate friends, family, and neighbours to do the same.

Delhi Chief Minister Atishi joined in the call for voter engagement, characterizing the election as a struggle between good and evil. “This is a contest between hard work and hooliganism,” she stated, motivating citizens to vote for progress and “goodness.”

Delhi BJP president Virendra Sachdeva also appealed to voters, asking them to support his party’s vision of a “clean, well-governed, and prosperous” Delhi under Prime Minister Narendra Modi’s leadership. He urged citizens to vote for the BJP’s lotus symbol, highlighting the need to bolster the “double-engine government” for Delhi’s future development.

Polling is taking place at 13,766 stations across Delhi’s 70 assembly constituencies, determining the fate of 699 candidates, with results set to be announced on February 8.

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Hooliganism will lose, Delhi will win: Arvind Kejriwal

With around 1.56 crore registered voters, this election is under close scrutiny, as it has the potential to shape Delhi’s governance moving forward.

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On Wednesday, AAP national convenor Arvind Kejriwal urged Delhi voters to recognize the crucial role of their votes in determining the city’s future. He stated, “Hooliganism will lose, and Delhi will win.”

In a message shared on X, Kejriwal emphasized, “Your vote is more than just a button; it is the cornerstone of a bright future for your children. It provides an opportunity for good schools, excellent healthcare, and a dignified life for every family.” His appeal coincided with the start of voting for the Delhi assembly elections.

With around 1.56 crore registered voters, this election is under close scrutiny, as it has the potential to shape Delhi’s governance moving forward.

In his appeal, Kejriwal stressed the moral and political importance of the election, urging citizens to favour “truth, development, and honesty” instead of “politics of lies, hatred, and fear.” He encouraged voters not only to cast their own votes but also to motivate friends, family, and neighbours to do the same.

Delhi Chief Minister Atishi joined in the call for voter engagement, characterizing the election as a struggle between good and evil. “This is a contest between hard work and hooliganism,” she stated, motivating citizens to vote for progress and “goodness.”

Delhi BJP president Virendra Sachdeva also appealed to voters, asking them to support his party’s vision of a “clean, well-governed, and prosperous” Delhi under Prime Minister Narendra Modi’s leadership. He urged citizens to vote for the BJP’s lotus symbol, highlighting the need to bolster the “double-engine government” for Delhi’s future development.

Congress candidate Sandeep Dikshit, running against Kejriwal in the New Delhi constituency, called on Delhi residents to vote in large numbers to safeguard their rights.

As polling continues until 6 PM, the election is proving to be a tense affair, with the three major parties—AAP, BJP, and Congress—making their cases for leadership in the national capital.

Congress leader Rahul Gandhi took to X to say, “Every vote for Congress will protect your rights, strengthen the Constitution, and set Delhi back on the path of progress.” He added, “While voting, remember who is accountable for polluted air, dirty water, and broken roads. Who perpetrated the biggest scam in Delhi while claiming to advocate clean politics?”

Polling is taking place at 13,766 stations across Delhi’s 70 assembly constituencies, determining the fate of 699 candidates, with results set to be announced on February 8.

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