Black flags, protests greet RBI chief Urjit Patel in Kolkata

Patel was in the West Bengal capital for central bank's board meeting

Black flags, slogans, protests and a composed Mamata Banerjee greeted Reserve Bank of India (RBI) Governor Urjit Patel on his first visit to Kolkata, for a board meeting

The day was marked by high drama as Left Front workers staged a protest outside the RBI office in the morning, with the ruling Trinamool Congress joining in around noon, while the board meeting was on. But West Bengal Chief Minister Mamata Banerjee kept up the suspense on her meeting with Patel till late afternoon. 

In fact, even Trinamool leaders who led the protest had no clue whether the meeting with the CM would actually take place. Power Minister Sovandeb Chattopadhyay said he is not meeting anyone.

It is customary for an RBI governor to meet the CM when visiting a state for a board meeting. However, Banerjee has refrained from such meetings for the past four years. Patel had sought an appointment with Banerjee about three months ago, much before the government initiated demonetisation. But much water has flown since. Banerjee has emerged as one of the most vocal opponents of the government's demonetisation move. 

The meeting between Patel and Banerjee lasted an hour. As Patel emerged from the meeting at Nabanna, the state secretariat, the media asked how the meeting went. His only response was, the meeting was good. Those were the only words spoken by Patel publicly in Kolkata. 

It is usual practice for RBI governors to talk to the media after the board meeting. But today, the media was kept outside the RBI office premises.

Banerjee, however, made good of the opportunity when she addressed the media. “The meeting with the RBI Governor lasted one hour. It was positive. We have placed our stand supported with facts,” she said.

Banerjee handed over a five-page letter to Patel outlining the problems faced by Bengal, on account of demonetisation. The letter highlighted the inadequate banking network/services in the state. Of the 37,468 villages in the state, less than 10 per cent have bank branches; of 3,354 gram panchayats in the state, 717 are unbanked and do not have any bank branch.

“Even in the tea sector, Bengal is getting step-motherly treatment while Assam is receiving payments. Businesses are suffering losses and the unorganised sector is in pain,” Banerjee said. 

The CM said, thanks to the “double dhamaka” of demonetisation, GST is being delayed. Banerjee was a strong proponent of GST but has been raising concerns about dual control and now demonetisation.