U.S. Markets close in 2 hrs 39 mins

Why India's Central Bank Chief May Resign

Daniel Liberto

Shares prices in India, the world’s fastest growing large economy, fell on Wednesday and were on course for their worst month since February 2016 as the ongoing spat between the country’s government and central bank turned ugly. On Wednesday, Indian news outlets including  CNBC-TV18 reported that Reserve Bank of India (RBI) Governor Urjit Patel is contemplating resigning from his position after the Indian government threatened to prevent the RBI from calling its own shots. The market's immediate reaction forced the government to release a statement stressing the central bank's independence. “The autonomy of the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement.