Reserve Bank of India (RBI) governor Urjit Patel, On Monday, resigned from his post due to some 'personal reasons'. The resignation, however, is said to have arrived amidst a clash between Centre and the Bank, owing to the central bank's independence.
In a statement, Patel stated that it was a privilege and honour to serve the central bank. He also expressed gratitude to his colleagues and directors of the RBI central board.
The rumours of him stepping down had been doing rounds since the riff between the central bank and the government, who tried initiating a discussion under the never-used-before Section 7 of the RBI Act, that allows the government to control and direct the RBI Governor.
Meanwhile, Prime Minister Narendra Modi said,
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.
— Narendra Modi (@narendramodi) December 10, 2018
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.
— Narendra Modi (@narendramodi) December 10, 2018
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