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    New governor will have to restore the credibility of central bank, says former RBI governor D Subbarao

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    New governor will have to restore the credibility of central bank, says former RBI governor D Subbarao

    Former Reserve Bank of India (RBI) chief D Subbarao on Tuesday said the new governor will have the responsibility to restore the credibility of the central bank.
    The new governor would have the task of restoring the credibility of the RBI and entering into a working arrangement with the centre, which does not give the impression of being influenced beyond acceptable levels by the government, Subbarao said.
    The new governor should be one who will command the credibility of the market, who is known for professional competence and for the maturity of handling the relationship with the government, said Subbarao.
    On the resignation of Urjit Patel, Subbarao said some surprise and some no surprise. "It looks like Patel seems to have been pushed beyond his level of comfort," he said.
    A protracted battle between the government and the RBI climaxed on Monday when central bank governor Urjit Patel resigned, days before a board meeting where he would have faced intense pressure.
    According to him, the government would need to do some serious introspection on Patel’s resignation.
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