41 Quotes by Urjit Patel

Valid criticism is something that we are open for, and we take it in the spirit in which it is given and try to improve ourselves.

The lack of a consistent policy from major economies is the main source of volatility.

Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.

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.

Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.

What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.

Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.

Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to support a higher growth rate, but on a durable basis.

I think it is important that we should be on the side of keeping borders open with respect to trade and movement of factors of production.