Urjit Patel vs Government: What Really Went Wrong

Money Matters

Urjit Patel vs Government: What Really Went Wrong

Illustration: Shruti Yatam


o play the role of central banker is to play the voice of reason in the government’s ear. Think Alfred to the government’s Batman… or Rifat Bi to the government’s Kajol. When the government gets all up in arms about a Rahul-Tina love affair, it’s the central bank that talks them down, tells them to drop out of college, and break all ties with the world they know. You know, good old-fashioned reason.

Sadly, for India, the relationship between the Reserve Bank of India and the government has been less BFFs and more “show me the money”. It’s a bit like watching a father deal with a spoilt teenager who has blown away his pocket money and is now asking for an extension on his allowance. The father wearily works hard to earn more money while Sunny drives around in a car with a sticker that reads “Papa’s gift”.