RBI Governor got changed today and the new Governor is Urjit Patel. Raghuram Rajan, the Ex-Governor of RBI gave an interesting statement to the media that the RBI was not at all informed on the demonetization in advance. Along with everyone, RBI too was shocked with government’s proposal and even before RBI gave a feedback to the government, the process of demonetization got started.
It has been a tedious task for RBI to print the notes and collect the old ones. Raghuram Rajan is now writing a book and will be releasing it in a week’s time. This book is said to have everything on the demonetization, how the banks reacted and how the people took it, along with the economic numbers and graphs. The book may give good insight of the RBI’s role and the government’s relationship with internal departments. We have to see if the government gives any shock to the new Governor.