- Nov 07, 2020
Urjit Patel Quotes
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- Last Updated on May 30, 2021
- Interest
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- Nov 07, 2020
Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.
- Government
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- Nov 07, 2020
Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.
- Growth
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- Nov 07, 2020
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.
- Growth
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- Nov 07, 2020
Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation.
- Divergence
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- Nov 07, 2020
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?
- Growth
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- Nov 07, 2020
What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.
- Important
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- Nov 07, 2020
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.
- Government
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- Nov 07, 2020
We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.
- Growth
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- Nov 07, 2020
If very fundamental reforms take place, especially when it comes to factors of production like land, labour, then a higher growth rate is possible.
- Important
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- Nov 07, 2020
I think that it is important that one grows a thick skin fast in this business, and I think we have done that.
- Credit
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- Nov 07, 2020
Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.
- Be Careful
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- Nov 07, 2020
There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense.
- Money
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- Nov 07, 2020
People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax.
- Day
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- Nov 07, 2020
The RBI is interacting with the banks every day.
- Hard
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- Nov 07, 2020
The staff members of all banks have worked very hard, and we all owe them our gratitude.
- Change
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- Nov 07, 2020