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Reserve Bank of India Governor Urjit Patel Resigns

A statement from the governor said he was stepping down for “personal reasons”.

New Delhi: Reserve Bank of India (RBI) governor Urjit Patel on Monday stepped down from his current position effective immediately, according to a statement issued by the central bank.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” said a statement issued on Monday evening that was attributed to Patel.

“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.”

Patel’s three-year-tenure was supposed to end in September 2019. His resignation comes on the heels of months of public confrontation between the RBI and the Modi government over a wide-range of issues including central bank independence, its reserves and the manner in which it dealt with India’s bad loans crisis.

“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 statement notes.

In remarks made to CNBCTV-18,  former RBI governor YH Malegan said that this was a “combination of what has been going on for a long time” and that it “could indicate fear that the RBI is becoming an extension of the government”.

 

Courtesy: The Wire / CNBC TV-18

 

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