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RBI governor Urjit Patel resigns; cites personal reasons in statement

The rumours of Urjit Patel stepping down had been doing rounds since the riff between the central bank and the government, as they tried to control the RBI Governor

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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, 

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