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Urjit Patel Quits As RBI Governor Amid Feud With Government

This article was posted on Dec 11, 2018 and is filed under Market News

Urjit Patel was appointed governor of Reserve Bank of India or RBI in 2016 and had about one more year left in his term.

Amid an unprecedented public face-off with the government over a range of issues including autonomy, Reserve Bank of India Governor Urjit Patel stepped down from his post today citing “personal reasons”. Mr Patel was appointed in 2016 for a three-year term, which was to expire in September next year.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” Mr Patel said in his letter that had no word on his future plans.

The resignation comes days ahead of a crucial board meeting on Friday, that was meant to discuss the progress on issues raised by the board’s government nominees last month.

In a series of tweets, Prime Minister Narendra Modi said Mr Patel “leaves behind a great legacy. We will miss him immensely”.

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