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RBI Governor Urjit Patel resigns

December 11, 2018

Reserve Bank of India Governor - RBI Urjit Patel has resigned from his post. Urjit Patel gave his resignation yesterday and it will be effective immediately. He has clarified that the resignation is due to personal reasons.

Urjit Patel shared a statement on the central bank website. He wrote "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 have been the proximate driver of Bank's accomplishments in recent years."

Urjit Patel has become the first governor since 1990 to leave his post before the ending of term. The term of RBI governor is ideally for 3 years and Patel's three-year term was to end in September 2019.

He had taken over the position after the former RBI Governor Raghuram Rajan in June 2016.

The talks about his resignation had been making rounds for the past few weeks. Urjit Patel seemed to have been at a conflict with the government at the centre over policy and control matters.

He had claimed that the government was interfering with the independent working of RBI.

As per reports, the government will soon appoint a new RBI governor. Urjit Patel seemed to have surprised the government with his resignation and according to some sources he did not inform the government before resigning.

The news of RBI governor's resignation became viral on social media and people shared their views.

Rahul Raj‏ @bhak_salatweeted "The resignation of Urijit Patel is a big embarrassment. It shows mismanagement under BJP. You don't need to change side to accept this. And If you are offended to read this, you are not showing spine, you are showing blindness and sycophancy."

Adarsh Gupta‏ @adarsh3344 wrote, " First Raghu. Now Urijit! What is happening to the venerable Reserve Bank of India? Elections fought on a loot maar basis are like C-Grade Bollywood films - no hero. Only villains. @LambaAlka"

ALSO READ: RBI Governor Urjit Patel may resign

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