Urjit Patel says RBI needs its current reserves

The governor’s comments are significant as the issue of the level of reserves to be maintained was one of the major flashpoints in a bitter battle between the RBI and the government. The RBI has contended that a large part of the reserves — estimated at around Rs 9.7 lakh crore or around 28% of its assets — are notional and should not be disturbed.

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