Viral Sach: What is the relation between RBI Governor Urjit Patel and Mukesh Ambani?

NEW DELHI: After Prime Minister Narendra Modi, on November 8, announced that Rs 500 and Rs 1,000 denomination currency notes will cease to be legal tenders as part of a string of measures to fight black money, rumours started swirling on social media about the relation between the current RBI Governor Urjit Patel and the Reliance Industries chairman Mukesh Ambani. Several messages have gone viral on social media claiming that Urjit Patel, 53, was appointed as the RBI governor so that Ambani can have reachable hands to the apex bank. Rumours implied that the industrialist knew in advance about PM Modi's move of demonetisation because of Patel. What is written in the 'viral' message: "Reliance had sought a banking license from the RBI, which Raghuram Rajan did not approve. Therefore, the government replaced Rajan with Ambani's 'son-in-law' and 'handed over' the 'bank of banks' to the Reliance chairman. Printing of new currency notes started six months ago while Rajan was 'removed' in September. Then how come new notes have Patel's signature?" In this viral message it is alleged that the scrapping of Rs 500 and 1,000 currency notes is a scam carried out to assist Reliance Industries. However, this message, which appears to be nothing but a hoax, needs a reality check. According to the claim, Ambani had sought a banking license from RBI while the truth is that a firm like Reliance doesn't qualify for a banking license. JIO is a telecom initiative and the Department of Telecommunications offers license for such services. Moreover, the former RBI governor wasn't removed from his post as claimed in the message but his term ended on Sept 4. "I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016.  I will, of course, always be available to serve my country when needed," Rajan had said. The government on August 20 promoted Urjit Patel, a deputy governor in charge of monetary policy at the RBI, to serve as its next governor for a three-year term. What's the relationship between Mukesh Ambani and Urjit Patel? Mukesh and Nita Ambani have three children- Isha, Akash, and Anant. Daughter Isha, who is unmarried, is 25-year-old. Mukesh's younger brother Anil, Chairman of Reliance Infrastructure, has two sons -Jay and Anmol. So, it is apparent that the 53-year-old RBI governor is not Ambani family's son-in-law as claimed in the message. The truth is that the link between Ambani and Patel was limited only to an employer and employee relationship. Patel worked for Mukesh Ambani as the President of business development in Reliance Industries Ltd. Though, Urjit Patel got married but later he separated from his wife. Patel is now single and lives with his mother in Mumbai.