Urjit Patel Steps Down As RBI Governor, Cites Personal Reasons For Decision 

The governor of India’s central bank, RBI (Reserve Bank of India), Urjit R Patel, has tendered his resignation citing personal reasons for the decision, as reported by Mint.

“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,” said Mr Patel.

Urjit Patel, who had served as the deputy governor of RBI when Raghuram Rajan was the governor, was appointed as the twenty fourth governor in August 2016. A graduate of University of London and Oxford University, he obtained his PhD (Doctorate of Philosophy) from Yale University.

The tensions between the RBI and the central government reportedly reached a crescendo following the controversial interview of RBI’s deputy governor, Viral Acharya, in October 2018. Though both the parties reached a middle ground in their monthly meeting in November 2018, differences remained as to how to deal with pressing problems of the Indian economy.

It was earlier reported on 31 October 2018 that Urjit Patel could soon step down.

Also Read: Urjit Patel’s Plans Will Put A New Bump On The Path To Economic Revivial