Gandhi says RBI governor resigned in just over two years as Prime Minister Narendra Modi didn't want him to go after wilful defaulters

In his book, Patel is also critical of Mudra loans where government has set targets in the past for banks to give collateral-free loans up to Rs 10 lakh. Currently, the NPAs in the Mudra loans are one of the highest, even reaching 20 per cent-plus level for some PSBs

'Until then, for the most part, the finance minister and I were on the same page, with frequent conversations on enhancing the landmark legislation's operational efficiency,' wrote Patel in his book

Acharya's resignation could be an indication that some differences still continue to exist between the apex bank and government in terms of decision making. He was, after all, seen as the last man in RBI vociferously batting for autonomy.

Speaking at the India Today Conclave 2019, Sanyal said that a greater autonomy requires greater accountability and that every central bank in the world has to ensure accountability to the government.

The dollar index compared with a basket of six major currencies stood at 97.420 after rising overnight to 97.545, its highest since November 13.

In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition.

Urjit Patel's sudden resignation as the Reserve Bank of India's governor sent the Sensex diving, the rupee tumbling and the Modi government scrambling to find its footing

Urjit Patel's resignation from his post as the governor of the Reserve Bank of India, comes just days before the meeting of the central bank's board on December 14

Patel's announcement came as a big surprise as names like former CEA Arvind Subramanian was doing the rounds.

A majority of the 18-member board, now stacked with government nominees, intends to press for reduced curbs on lending and governance changes that would give the board more say

RBI Governor Urjit Patel not only reiterated the regulator's stand on autonomy and maintaining its current level of reserves, but also told law makers that the impact of demonetisation was transient.

Increased selling of the US dollar by exporters and banks also improved sentiments for the Indian currency.  The Indian currency opened 18 paise higher at 71.47 level to the dollar compared to its previous close of 71.65.