RBI Governor Urjit Patel to face political protest in Kolkata

KOLKATA: Reserve Bank of India Governor Urjit Patel may be a recluse with few meetings beyond essential official ones. It may have been a blessing for him if West Bengal Chief Minister Mamata Banerjee decides to skip the customary meeting with him during his visit to Kolkata on the occasion of RBI’s central board meeting, but the joy may well be short lived.

For the first time since taking charge, Patel may have to bear a part of the political anger against demonetisation. The fire brand Banerjee, popularly called Didi, will have her brigade protesting at RBI’s Kolkata office against Patel for failing to address the shortage in supply of currency notes.

Banerjee’s arch-rival, the Left Front and Communist Party of India, will too have plans to up the ante. The senior Left leadership including CPIM politburo member Biman Bose and former West Bengal finance minister Asim Dasgupta will hold a public meeting outside RBI and submit a memorandum to its executives.
It is learnt from CPIM circle that Deputy Governor NS Vishwanathan is likely to meet their leaders Thursday on the behest of Governor Patel.

Patel will be in Kolkata Wednesday itself for Thursday’s central board meeting. He is invited to a dinner with local industrialists on Wednesday where state chief secretary Basudeb Banerjee will be present.

However, there is no clarity available on whether Mamata Banerjee will agree to meet Patel on Thursday after the central board meeting. She had skipped meetings with RBI governors for the last four years.

Such meetings are customary but the Governor uses such occasion to appraise the state's policymaking head about the country's macroeconomic scenario and discuss state's financial health.

A section of bureaucrats however thought Banerjee may change her mind this time to raise her pitch against note-ban. Her party Trinamool Congress has been relentless in opposing demonetisation. Banerjee had also criticised Patel for being silent of people’s suffering due to currency shortage.

TMC members of legislative assembly marched to RBI on Wednesday as well protesting the shortage.

RBI's central board meets at least once every quarter. Such meetings take place in Mumbai, Chennai and Kolkata; and in other state capitals by rotation. One central board meeting takes place in New Delhi after Union Budget. The central board of directors provides overall direction to the monetary policymaking body.