RBI Governor Urjit Patel resigns

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Reserve Bank of India Governor Urjit Patel on Monday resigned from his post citing “personal reasons”. Patel was appointed in 2016 for a three-year term, which was to expire in September 2019.

Patel said in his letter, “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.”

He further said, “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’s resignation came weeks after disagreements between the central bank and the Narendra Modi government.