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Urjit Patel

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#Tags
People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax. - Urjit Patel
#Avoid
#High
#Money
#People
#Real
The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it is accommodative. - Urjit Patel
#Committee
#Down
#Policy
#Possible
#Three
There will always be divergence of views on the output gap, as it is unobservable in a rigorous direct sense. There are only estimates. How can there be a strong consensus on that? - Urjit Patel
#Always
#Only
#Sense
#Strong
#Will
I think that it is important that one grows a thick skin fast in this business, and I think we have done that. - Urjit Patel
#Business
#Done
#Fast
#Important
#Skin
As many have pointed out, it is not clear that we need so many public sector banks. The system could be better off if they are consolidated into fewer but healthier banks. - Urjit Patel
#Better
#Clear
#Need
#Off
#System
This is a once in a lifetime event. It is very rare to remove 86% of the currency in circulation in one go. The logistics of such an operation are mammoth. - Urjit Patel
#Go
#Lifetime
#Logistics
#Once
#Rare
There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense. - Urjit Patel
#Accounting
#Bank
#Careful
#Need
#Try
There is little room for complacency, and it is important to guard against sporadic volatility in financial markets. - Urjit Patel
#Complacency
#Financial
#Important
#Room
The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays. - Urjit Patel
#Best
#Growth
#Inflation
#Support
#Way
I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI. - Urjit Patel
#History
#Important
#Independent
#Process
It is important to recognise near- and medium-term risks to the inflation outlook. - Urjit Patel
#Important
#Inflation
#Outlook
#Risks
We should redefine the metric for effective lending, viz., prioritise loans to enterprises, which will generate more employment. - Urjit Patel
#Employment
#More
#Should
#Which
#Will
From the RBI side, the fake Indian currency note is an important issue that needed to be addressed. The other collateral benefits from this, in terms of greater accountability, better public finance, more transparency, are, by definition, areas that take time to fully play out. - Urjit Patel
#Better
#Fake
#Finance
#Important
#Time
Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation. - Urjit Patel
#Always
#Growth
#Inflation
#Lose
#Sight
An owl is traditionally a symbol of wisdom, so we are neither doves nor hawks but owls, and we are vigilant when others are resting. - Urjit Patel
#Others
#Owl
#Resting
#Vigilant
#Wisdom
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