Swadeshi Manch, Modi Want Another RBI Chief Out, Says Chidambaram

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Former Union Minister P. Chidambaram. — File photo

Raghuram Rajan story is being repeated as Modi is trying to remove RBI Governor Urjit Patel from his post because the Swadeshi Jagran Manch (SJM) wants Patel to exit from the office, said Congress leader P. Chidambaram

NEW DELHI (IANS) — Former Union Minister P. Chidambaram on Saturday said the Raghuram Rajan story is being repeated as Prime Minister Narendra Modi is trying to remove RBI Governor Urjit Patel from his post because the Swadeshi Jagran Manch (SJM) wants Patel to exit from the office.

“Swadeshi Jagran Manch wants Urjit Patel out. That means the Modi government wants him to go. It is a repeat of the Raghuram Rajan story,” Chidambaram tweeted.

In another tweet, he quoted US Federal Reserve former Chairman Janet Yellen as saying: “Whittling away the legitimacy and stature of institutions the public has traditionally some confidence in, ultimately undermines social and economic stability,” adding, “How true of India!”

SJM reportedly insisted that Reserve Bank of India (RBI) officials should exercise the discipline of restraint or resign

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