Amid media reports of intensifying differences between the Govt and RBI ahead of the board meeting on 19 November Indianmandarins has reliably learned that the differences have been sorted out and hence the question of Patel quitting the central bank doesn't arise. Under a new approach, the Governor is expected to accommodate the government's concern as far as possible on issues impacting national policies.

Facing a national election next year, the NaMo administration was compelled to tame FinMin buccaneers who wanted to rob powers of the Governor even if it meant sending out disastrous signals to global financial institutions and investors about the stability of India’s monetary and financial policies.

The administration might have also realized that a resignation by the RBI governor at this point of time will further fuel the aggressive campaign of the opposition whose only target is NaMo.