Reserve Bank of India Governor Urjit Patel has resigned. Patel’s resignation comes in the backdrop of ongoing rift of the central bank with the Narendra Modi government.
“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. 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,” Urjit Patel said in a statement that has been put up by the Reserve Bank of India on its website.
Since 1990, Patel is the first governor to step down before his term ends. Patel’s three-year term was to end in September 2019.
PM Modi on Urjit Patel’s resignation as RBI Governor: Dr Urjit Patel is an economist of a very high calibre with a deep&insightful understanding of macro-economic issues. He steered the banking system from chaos to order. He leaves behind a great legacy. We’ll miss him immensely pic.twitter.com/sWHkfZh8v3
— ANI (@ANI) December 10, 2018
Finance Minister Arun Jaitley: Govt acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor & Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service. (File pic) pic.twitter.com/o7W5OwG9Ah— ANI (@ANI) December 10, 2018
RBI central board member S Gurumurthy: Surprised at news that RBI Guv resigned. Previous meeting was held in such cordial atmosphere that it comes as a shock. All directors said media had created a wrong perception while inside it was different. That makes it even more surprising— ANI (@ANI) December 10, 2018