Urjit Patel steps down as RBI Governor

Putting end to days of deadlock s with the Centre over a range of policy issues, Urjit Patel, today, stepped down as the Governor of the Reserve Bank of India (RBI). Patel tendered his resignation citing personal reasons.

“On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years,” he said.

“The support and hard work of RBI staff, officers and management has been proximate driver of Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of RBI Central Board and wish them all the best for future,” Patel added.

Reacting to Patel’s resignation, Prime Minister Narendra Modi said, “Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order. He leaves behind a great legacy. We’ll miss him immensely”.

Finance Minister Arun Jaitley also praised Patel for offering his services as the central bank’s governor. “Government acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor and Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service,” Jaitley said.

Attacking the Modi government over Patel’s resignation, Congress chief Rahul Gandhi said that there is consensus among opposition parties that the assault on institutions such as the RBI must be stopped.

West Bengal Chief Minister Mamata Banerjee hit out at the Modi government over Patel’s resignation, saying it was a matter of “great shock”. “Institutions, from the CBI to the RBI, have become total disasters. This has never happened before. It is a matter of great shock. We must protest,” Banerjee said.


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