Urjit Patel resigns as RBI Governor


Reserve Bank of India (RBI) Governor Urjit Patel resigned from his post with immediate effect amid a reported fued between the apex bank and the Government over the former’s autonomy. Patel, in a statement, stated he was resigning “on account of personal reasons”.

“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,” Patel stated in the statement.

Patel was appointed 24th RBI Governor in September 2016 for three years and his tenure was to have ended next year.