Reserve Bank of India (RBI) Governor Urjit Patel Resigns

Reserve Bank of India (RBI) governor Urjit Patel, in a sudden decision, has announced his resignation from the position of RBI governor on Monday. The governor has, however, made it clear that the resignation is filed purely on personal reasons. The resignation is going to be effective immediately.

Patel states, “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years.”

It was on September 4, 2016, when Patel had taken charge as the RBI governor following the resignation Raghuram Rajan. Rajan had resigned from the designated post on June 19 of that year.

Patel, however, had his term as the governor of the RBI until September 2019.

Patel further added, "The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”

Although cited as personal reasons, still speculations can be made that the recent bitter battle between the government and the Reserve Bank have contributed towards the final decision of resignation taken by Patel. Notably, the government and the RBI had been arguing over issues like liquidity management, the RBI's restrictions on NPA-laden banks and the usage of its reserves.

Also read: Breaking news