'RBI's refusal to engage forced govt to mull extreme legal step'

The Modi government was driven to consider the extreme step of invoking the never-before-used Section 7 of the RBI Act by central bank governor Urjit Patel's reluctance to engage with stakeholders, according to highly-placed sources. "He was scarce and unavailable to bankers, industry and market players even on matters of pressing concern," a highly placed source said.

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