Dealing with the Trilemma

The basic argument that Mr Patel has been making has its roots in the discourse on banking reform and reducing dominant state ownership and control over the banks

Urjit Patel has been one of the most enigmatic governors of the Reserve Bank of India (RBI) in the recent past. He is known to be simple, shuns protocol, and hardly speaks. Even during the (almost mandatory) post monetary policy press conferences, he would largely let his deputies do the talking. The most blistering attack on the state during his tenure was made by Viral Acharya, his deputy, who acknowledged the blessings of Mr Patel in the speech. 

He was quite a contrast to his predecessor Raghuram Rajan who was accused of speaking beyond his brief. Therefore, it was exciting