Urjit Patel Quotes
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From the RBI side, the fake Indian currency note is an important issue that needed to be addressed. The other collateral benefits from this, in terms of greater accountability, better public finance, more transparency, are, by definition, areas that take time to fully play out.
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The lack of a consistent policy from major economies is the main source of volatility.
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I think India's policy that the openness of trade should be carried through a multilateral process is the right one.
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One of the things that the public sector banks need to do is to raise private capital from the market and not rely on government largesse.
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Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.
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Divestment measures would improve overall banking sector health.
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The two important variables for the policy formulation are projected inflation and the output gap. There is no clear hidebound mathematics that we must give 'X' weight to inflation and 'Y' weight to growth and form the associated policy.
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It is important to recognise near- and medium-term risks to the inflation outlook.
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There is little room for complacency, and it is important to guard against sporadic volatility in financial markets.
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There will always be divergence of views on the output gap, as it is unobservable in a rigorous direct sense. There are only estimates. How can there be a strong consensus on that?
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Valid criticism is something that we are open for, and we take it in the spirit in which it is given and try to improve ourselves.
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As many have pointed out, it is not clear that we need so many public sector banks. The system could be better off if they are consolidated into fewer but healthier banks.
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I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.
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A well-functioning transmission should at some point go from the overnight right up to 40 years, and that is the ultimate objective in having monetary transmission that affects the whole gamut of borrowing tenure.
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Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.
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People have asked why the new currency introduced was different in size and thickness from the old. This is because the new currency has been designed to make it hard to counterfeit. When you are going to make a change of this magnitude, you need to get the best standards in place.
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We should redefine the metric for effective lending, viz., prioritise loans to enterprises, which will generate more employment.
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The materialisation of reforms in the form of rollout of the GST, the institution of Indian Insolvency and Bankruptcy Code, and the abolition of the Foreign Investment Promotion Board should boost investor and investment confidence.
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An owl is traditionally a symbol of wisdom, so we are neither doves nor hawks but owls, and we are vigilant when others are resting.
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The RBI is interacting with the banks every day.
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The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.
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There are some things that are under our control, and that is to ensure that we ourselves follow sound macroeconomic stability rules.
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Remonetisation has happened at a fast pace, and that was part of the plan that, subsequent to the withdrawal of the specified bank notes, our production plans and supply processes would ensure that the remonetisation happened as quickly as possible.
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The staff members of all banks have worked very hard, and we all owe them our gratitude.