Urjit Patel's new book spills the beans on his exit from RBI
Former RBI Governor Urjit Patel's new book points to reasons that led to his exit from the Central Bank in 2018. It suggests that the RBI's bid to close loopholes in IBC and tighten the screws incorporate borrowers that were in the middle of the dispute. He mentions that several loopholes in the IBC and the tussle between the RBI and the Finance Ministry. The book points out that the Finance Minister and the RBI were on the same page when making IBC, more operationally efficient. He also mentions that the reputation has been that of a soft regulator and the deterrence has been undermined. He also talked about bow the lobby groups that exist and lead to policy and regulation reversal.