In the Indian central bank’s 83-year history, two governors resigned before their terms ended — Sir Osborne Smith (in 1937) and Sir Benegal Rama Rau (1957). While Smith couldn’t stomach the government’s wont to dominate the central bank, Rau resigned due to differences with then finance minister T T Krishnamachari.
At least two other governors — K R Puri and R N Malhotra had their tenures cut short following changes in the government. Did Reserve Bank of India (RBI) Governor Urjit Patel offer to resign last week? We will know if he chooses to write a book ...
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