RBI governor Urjit Patel's statements 'unbecoming', say officials

RBI had more power over private sector banks than over PSBs and a level playing field should be created in regulating PSBs, the Governor had said

The government has not officially responded to Reserve Bank of India Governor Urjit Patel’s contention that the central bank’s power to prevent or investigate financial scams has been curtailed. Privately however, Finance Ministry officials are exasperated. Senior officials are talking about a ‘lack of leadership’ at the top of RBI, and say the governor’s statements were misleading.
 
Speaking at a function in Gandhinagar on Wednesday, Patel had indicated that RBI was actually helpless, as neither did it have power to replace the board of public sector banks, or force a merger, nor could it revoke the licence of a