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...But, as JPMorgan’s Aziz pointed out, “any increase in mobility runs the risk of reigniting another wave”. The pessimism is not universal....
...Offers have been to those “who actually need the help: Mr Smith, Mr Patel or Mr Ahmed, with a small premises on Edgware Road or in Piccadilly,” said Mr Aziz....
...The feud cost Mr Patel his job and triggered warnings about the loss of the central bank’s autonomy and credibility....
...“What they urgently need is massive amounts of capital, to take the bad loans out of their books, and adopt completely new governance structures so that the problems don’t arise again,” says Jahangir Aziz...
...“The government of India is redefining central bank independence as independence of the board,” said JPMorgan’s Mr Aziz....
...But Mr Aziz said Mr Patel had yet to make a compelling case that the central bank could not properly supervise state banks in ways that might have prevented the problems at PNB....
...Urjit Patel, the recently appointed governor of the Reserve Bank of India, said the decision had been taken jointly by the government and the central bank and was “a powerful step to fight the use of black...
...Mr Aziz describes Mr Patel as the “natural successor” to Mr Rajan, and says his selection bodes well for India’s long-term prospects: “The fact that we have so far chosen orthodoxy over unorthodoxy shows...
..."There was probably 20 per cent more trade than on a normal day," says Shantibhai Patel, president of the Gem & Jewellery Trade Council of India....
...When he visited Aziz in Pakistan last month there was a rumour Wolfowitz wanted to appoint Aziz to a top position at the bank....
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