India central bank governor could resign soon

Reserve Bank of India Governor Urjit Patel was claimed to be tired of the struggle with the government, thus provoking his reported resignation. (Reuters)
Updated 07 November 2018
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India central bank governor could resign soon

  • The Indian government and the central bank have been fighting for weeks over how much autonomy the RBI should have

NEW DELHI: Reserve Bank of India (RBI) Governor Urjit Patel could resign at the central bank’s next board meeting on November 19, online financial publication Moneylife reported on Wednesday, citing sources in touch with the governor.
The Indian government and the central bank have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.
The rift worsened late last month when one of the bank’s deputy governors said in a speech that undermining central bank independence could be “potentially catastrophic”.
Moneylife’s report said if the feud escalates further, there is “a good chance” Patel will resign at the RBI’s next meeting, saying he was tired of the struggle with the government, and it was having a negative impact on his health.
The report did not cite the number of sources. The RBI did not immediately respond to a request for comment.
The story was written by veteran Indian financial journalist Sucheta Dalal who is well known for her investigative reporting. She is one of the founders of Moneylife.
Reuters reported on Tuesday that the government intends to keep pressing its demands even if it risks provoking a resignation by Patel, according to three sources familiar with the government’s thinking.


Stuck in an unwanted mobile contract? UAE cuts early termination fees

Updated 21 March 2019
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Stuck in an unwanted mobile contract? UAE cuts early termination fees

  • Telecom companies can now only charge a month worth of fee for early termination
  • The move comes as the UAE regulator observed multiple complaints from customers

DUBAI: Customers in the UAE who feel stuck in a phone contract due to massive early termination fees can now breathe, as the Emirate’s telecoms regulator has introduced a new policy.  

The Telecommunications Regulatory Authority (TRA) announced that telecom companies Etisalat and Du can now only charge one-month worth of fee for early termination.

The policy will apply to new mobile contracts, but the TRA said it is working to implement the same in other service contracts, as reported by UAE-based Arabian Business.

“We strive to hear the comments of the stakeholders on the operators’ services,” Hamad Obaid Al-Mansoori, TRA director general, said.

“We don’t hesitate to review any policies or regulations for the interests of the parties and the public,” he added.