RBI Governor Urjit Patel resigns

Reserve Bank of India Governor Urjit Patel resigns, cites “personal reasons”. This comes days after an unprecedented face-off with the Government of India.

The RBI Governor’s office issued a statement –

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.

Urjit Patel was appointed Deputy Governor of RBI in 2013. As the Deputy Governor of RBI from 2013, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.

In August 2016, Patel was appointed as the governor of Reserve Bank Of India (RBI) succeeding Raghuram Rajan. During his tenure, the Government of India demonetised the ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series, which was handled poorly and received severe criticism.

The RBI governor and the Government of India had issues with the additional funds and monetary policy, very recently.