Urjit Patel resigns as RBI Governor

RBI Governor Urjit Patel, who had a run in with the government over 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. 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. 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.