RBI Governor Urjit Patel Resigns! Here are the updatesDecember 10, 2018
Urjit Patel, the Governor of RBI (Reserve Bank of India) has resigned citing personal reasons.
The Deputy Governor Viral Acharya’s gave a speech last month that sought to defend the autonomy of the RBI and the subsequent differences between the government and the RBI over various issues pertaining to credit flow, liquidity, and the controls governing weak banks. Today, on the 10th of December, 2018, Governor Urjit Patel has resigned from his position.
Mr. Patel notified the press that it had been a privilege for him to serve the country adorning such an honorable post, and that it was owing to his personal reasons that he was resigning.
Narendra Modi, the PM of India tweeted:
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 and ensured discipline. Under his leadership, the RBI brought financial stability.
Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely.