A truce that never was: The Nov 19 RBI board meeting was obviously misread

Was Patel signalling all along that it was not a happy marriage with North Block? It appears so

Will Urjit Patel resign? A month after the question did the rounds, the 24th Governor of the Reserve Bank of India (RBI) put in his papers at close of business hours on Monday — with immediate effect. 

While Mint Road’s differences with North Block over the level of capital held by the RBI, the contentious issue of quarantining 12 weak state-run banks, and what’s perceived as inadequate flow of resources to small enterprises were well known, the suddenness of Patel’s decision to call it a day has come as a shock.