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Urjit Patel resigns as RBI Governor over 'personal reasons', PM Modi reacts

I Have Decided To Step Down From My Current Position (RBI Governor) Effective Immediately, Urjit Patel Says.

News Nation Bureau | Edited By : Aniruddha Dhar | Updated on: 10 Dec 2018, 06:21:15 PM
Reserve Bank of India (RBI) Governor Urjit Patel.

New Delhi:

Reserve Bank of India (RBI) Governor Urjit Patel stepped down, according Reuters on Monday. "On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," Patel said.

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

Reacting to his resignation, Prime Minister Narendra Modi tweeted: "Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability.

"Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely."

 In the past few weeks, the RBI and the finance ministry were on different page over issues ranging from the appropriate size of reserves to be maintained by the central bank to easing of lending norms for small and medium enterprises.

Last month, in an apparent defence of the government's demonetisation decision, Patel told lawmakers that the note ban's impact was transient and the economy is robust. Patel, who had appeared before the Parliamentary Standing Committee on Finance, gave written responses on some of the controversial issues raised by the members, including the government citing never-used powers to get the central bank on the discussion table, said the lawmakers who were present in the meeting.

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First Published : 10 Dec 2018, 05:24:32 PM