In cash crunch, RBI chief Urjit Patel 'missing'

November 23, 2016 21:37

As India undergoes the world's biggest currency overhaul in decades, one official is noticeably absent: central bank Governor Urjit Patel.

The head of the monetary authority has spoken just once since the government invalidated 86 per cent of currency in circulation in a surprise move on November 8. Mounting cash shortages pushed the Supreme Court to warn of riots, and a powerful bank union called for Patel's resignation after a senior bureaucrat was tasked with firefighting.

While Patel's low profile was initially seen as a foil for Prime Minister Narendra Modi's high-visibility administration, it risks backfiring as public anger increases. Credibility and autonomy of the Reserve Bank of India is linked to the value investors assign the rupee, which is sliding toward a record low.

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