NEW DELHI, India — The Indian government Tuesday named an ally of Prime Minister Narendra Modi as new central bank head after his predecessor quit following a row about alleged government interference. Shaktikanta Das, named in a government statement as new Reserve Bank of Indiagovernor, is a former senior finance ministry official and a key figure in Modi's controversial "demonetisation" scheme of 2016. Related Stories India central bank chief quits after spat with governmentHis predecessor Urjit Patel announced his surprise resignation late Monday following months of tensions with Modi's government over interference in policy. Modi stunned Asia's third-largest economy in November 2016 by withdrawing 86 percent of banknotes from circulation. "Modi government has hired an insider who will be sympathetic to government concerns and not hold diverging opinions as the head of RBI.

Source: Philippine Star December 12, 2018 03:27 UTC