Reserve Bank of India Governor Urjit Patel announced on Monday that he was stepping down with immediate effect owing to personal reasons.
“On account of personal reasons, I have decided to step down from my current position effective immediately,” Patel said in a statement.
The Centre and RBI has been at loggerheads over several weeks on various issues, including transfer of RBI's excess reserves to the government and easing liquidity to non-bank financial companies.
Questions were raised from various quarters over the autonomy of the central bank. While Patel had remained quiet, Deputy Governor Viral Acharya had, in an explosive speech, stressed on the need for independence.
Speaking to reporters in the post monetary policy conference earlier this month, Patel had evaded questions on the issues. In his resignation letter, he just stated it had been a privilege and honour to serve in the RBI.
“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 said.
Patel's 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.
