RBI – What is next?
It had to happen – from the times of Y V Reddy to now, whenever there is a showdown between the Reserve Bank of India and the Government, the Government wins. Similar to anyone who goes to a Casino – the House always wins. Urjit Patel got sucked into the whirlpool of the cabal from which he could not pull himself out. It is likely that more resignations will occur but one hopes there are no Out-of-Left-field-surprises.
Old wine in the new Bottle
If rumors coming from the South Block are to be believed, the Cabal that has been running the finances of the country is pitching for two known bad apples – Hasmukh Adhia and Shaktikanta Das (SKD). If Prime Minister Modi is looking for a list of clean/ honest/ sincere candidates for the RBI Governor, these two would be not be on it. Gang of Four member P K Mishra is rumored to be pitching the cause of SKD, while some party leaders, who have no clue of Banking or Finance except to count notes are extolling the virtues of Adhia.
Readers of PGurus will know how Das kept getting one promotion after another despite his diabolical attempts to scuttle the Aircel Maxis investigation. On March 26th 2015, CBI sought details of files and information regarding the FIPB clearance given by Chidambaram. The letter clearly states that the agency had sent several reminders. CBI normally writes this kind of official reminder letters when the investigators feel that the response is not timely. In the letter, the CBI Director says that the matter is very urgent as the Supreme Court has given directions to them in the case filed by BJP leader Subramanian Swamy. CBI, even in the details given to the Supreme Court (in a sealed cover) said that they are waiting for information from the Department of Economic Affairs.
As for Adhia, his role in the functioning of Goods and Services Tax Network (GSTN) has been appalling. Not only that, his role as the leader of G4 to save Chidambaram has been documented in great detail by Dr. Subramanian Swamy in his letters to the Prime Minister. Adhia’s utter contempt for fellow officers is well known. Plus there is the little matter of explaining how he came to be in possession of Gold bars donated by Nirav Modi.
Choose wisely, Mr. Modi
The last few days have been a boost to the anti-corruption drive of the Modi government. I hope PM Modi chooses a wise candidate for Governor. He could start by appointing a panel of Economic Giants to suggest to him a list of suitable candidates to choose from. I am confident Mr. Modi will do the right thing.
 Did Shaktikanta Das go slow in CBI’s probe against Chidambaram in Aircel Maxis case? Jul 7, 2017, PGurus.com