RBI Governor Urjit Patel resigns

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The Reserve Bank of India’s Governor Urjit Patel has resigned from the bank with immediate effect. Patel resigned from the apex body on account of personal reasons.

Urjit PatelThe speculations pertaining to his resignation were doing rounds after deputy governor Viral Acharya’s speech last month that was made to defend RBI’ autonomy and the subsequent differences between the centre and the RBI over various issues such as liquidity, credit flow and the controls governing weak banks.

“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 said in a statement.

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