RBI chief defies calls for lower rates amid currency overhaul

Mumbai

SPARE a thought for governor Urjit Patel.

Handpicked by Prime Minister Narendra Modi to lead India's central bank after relations soured with his outspoken predecessor, Raghuram Rajan, Mr Patel and his monetary panel on Wednesday shrugged off his boss by keeping interest rates unchanged. The bold call came amid the nation's biggest currency overhaul that's expected to dent demand in the world's fastest growing major economy.