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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]

India News

Bank holidays April 2023: Banks to be closed for 15 days next month, check state-wise bank holiday list here

With the new financial year starting on April 1, major changes are anticipated as these changes are connected to money and banks.

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Bank holidays April 2023

April is just a few weeks ago and with the new financial year starting on April 1, major changes are anticipated as these changes are connected to money and banks.

As per the Reserve Bank of India’s calendar, all public and private banks will remain shut for 15 days in April 2023 for multiple festivals and occasions including Mahavir Jayanti, Good Friday, Tamil New Year’s Day, Biju festival, Bengali New Year’s Day, Ramazan Eid, Himachal Day, Jumat-ul-Vida, and others.

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State-wise bank holidays list for April 2023

DateOccasionRegion, Nation Specific
April 1On the occasion of banks’ closing of accountsBanks will remain closed across India except in Aizawl, Shimla, Chandigarh, and Shillong
April 2SundayAcross India
April 4Mahavir JayantiAhmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Chandigarh, Chennai, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, and Ranchi
April 5Babu Jagjivan Ram’s birthdayHyderabad
April 7Good FridayBanks will be closed in Aizawl, Belapur, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Andhra Pradesh, Telangana, Imphal, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong, and Thiruvananthapuram
April 8Second SaturdayAcross India
April 9SundayAcross India
April 14Dr Babasaheb Ambedkar Jayanti, Bohag Bihu, Cheiraoba, Vaisakhi, Baisakhi, Tamil New Year’s Day, Maha Bisubha Sankranti, Biju Festival, Buisu Festival celebrationsAgartala, Ahmedabad, Belapur, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Andhra Pradesh, Hyderabad, Imphal, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, Panaji, Patna, Ranchi, Srinagar, and Thiruvananthapuram
April 15Vishu, Bohag Bihu, Himachal Day, Bengali New Year’s Day (Nababarsha)Agartala, Guwahati, Kochi, Kolkata, Shimla, and Thiruvananthapuram
April 16SundayAcross India
April 18Shab-l-QadrJammu and Srinagar
April 21Id-Ul-Fitr (Ramzan Eid), Garia Puja, Jumat-ul-VidaAgartala, Jammu, Kochi, Srinagar, and Thiruvananthapuram
April 22Eid-Ul-Fitr, fourth SaturdayBelapur, Bhopal, Chennai, Dehradun, Guwahati, Andhra Pradesh, Hyderabad, Imphal, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong and Srinagar for Eid and across India for fourth Saturday
April 23SundayAcross India
April 30SundayAcross India

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Video of man singing Atif Aslam’s Bakhuda Tum Hi Ho in Metro goes viral, users laud the singer | Watch

The singer and the guitarist continue to serenade the crowd as the passenger enjoy the live concert. Few passengers can also be seen pulling out their phones to record the singer. The singer can also be seen fervently singing and grooving to his singing.

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man singing in metro

A video resurfaced on the internet where a man can be seen singing and serenading the crowd inside the metro. The video shows the singer accompanied by his guitarist friend who turned a boring old metro ride into a live makeshift concert.

In the video, the singer can be seen asking the passengers if he can sing this song, and after getting a nod from the passengers, the singer stuns everyone with his soulful voice as he sings Atif Aslam’s Bakhuda Tum Hi Ho and nails it. The passengers can also be seen hooting for the man.

The singer and the guitarist continue to serenade the crowd as the passenger enjoy the live concert. Few passengers can also be seen pulling out their phones to record the singer. The singer can also be seen fervently singing and grooving to his singing. A few passengers can also be seen following suit and grooving and singing along with the man.

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Watch video here:

User’s reaction

After the video went viral, many users rushed in to add their laud to the singer and guitarist in the video. One user wrote and said that as soulful the voice is, the guitarist’s skill matches it. Another user also wrote and praised the guitarist for his skilled guitar skills.

One user wrote and asked which metro is this and how come the metro he commutes in doesn’t have such instances. One user wrote that they would have emptied their wallet just to be a part of such a performance.
One user humorously questioned and asked where such an empty metro comes from, implying at the heavy surged metro hours that most passengers face, much less get to witness a live music performance.

One user wrote and highlighted how every passenger’s feet started tapping as soon as the singer started tapping, implying how everyone was overtaken by the passion for music.

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Video of people saving man after coming in contact with live wire in Uttar Pradesh goes viral | Watch

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Video of people saving man after coming in contact with live wire in Uttar Pradesh goes viral | Watch

The women in the video can also be seen in a state of shock and turmoil as they collected themselves from the incident. The video also shows smoke coming out of the clothes of the man due to the electrocution.

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Live wire fell on man

A hair-raising video surfaced on the internet from Uttar Pradesh’s Meerut where a live wire broke and fell on a man leading him to get electrocuted. As per the reports, the man, after being saved, was shifted to a hospital and is in critical condition.

In the video, a man along with several women can be seen standing on the side of the road, however, in a sudden turn of events, a live wire fell on the man and electrocuted him. The man after coming in contact with the live wire, collapsed to the ground as the live wire was still stuck to his body.

Upon witnessing the incident, several locals rushed to the scene as they tried to save the man by pulling away the live wire. Many people came forward with a stick-like-object to separate th e live wire from the man. As few failed to succeed, one man bravely darted toward the scene and separated the live wire from the man.

The women in the video can also be seen in a state of shock and turmoil as they collected themselves from the incident. The video also shows smoke coming out of the clothes of the man due to the electrocution.

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See video here:

Twitter reactions

After the video of the incident went viral, many user’s came forward to add their take on the incident as one user wrote and praised that the skullcap wearing man who relentlessly and bravely went all in and separated the live wire from the man.

One user wrote and prayed that no one goes through a similar scenario as it looked very horrific. The user further wrote and highlighted the wires to be covered.

One user also wrote and highlighted the agony of watching someone you love suffer right in front of you, implying at the horrific incident.

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