Urjit Patel resigns as RBI Governor

In a brief statement, Patel said he has decided to step down with immediate effect

Urjit Patel resigns as RBI Governor

Urjit Patel

RBI Governor Urjit Patel, who had a run-in with the government over the autonomy of the central bank, Monday resigned from his post.

In a brief statement, Patel said he has decided to step down with immediate effect.

"On account of personal reasons, I have decided to step down from my current position effective immediately," he said in a statement released by the RBI.

"It has been my privilege and honour to serve in the RBI in various capacities over the years. The support and hard work of RBI staff, officers and management have 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.

He, however, did not specify the reason for the decision.

Patel was appointed the 24th Governor of the RBI on September 2016 for a three-year term.

Meanwhile, Prime Minister Narendra Modi issued a statement to ANI.

PM Modi on Urjit Patel's resignation as RBI Governor: Dr Urjit Patel is an economist of a very high calibre with a deep&insightful understanding of macro-economic issues. He steered the banking system from chaos to order. He leaves behind a great legacy. We'll miss him immensely pic.twitter.com/sWHkfZh8v3
— ANI (@ANI) December 10, 2018

Finance Minister Arun Jaitley tweeted saying, "The Government acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship."

The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. (1/2)
— Arun Jaitley (@arunjaitley) December 10, 2018

I wish Dr. Patel all the very best and many more years of public service. (2/2)
— Arun Jaitley (@arunjaitley) December 10, 2018

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