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Urjit Patel Resigns as RBI Governor Patel has resigned effective immediately, a statement issued by the central bank said

@anirbanroy

RESERVE Bank of India Governor Urjit Patel has resigned effective immediately, a statement issued by the central bank said, ending weeks of standoff with the government.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” Patel said in the statement.

Urjit Patel and the government were at loggerheads over RBI’s autonomy and access to its surplus reserves. The government was also not happy with the curbs put in place by the central bank on lending.

There was much speculation in the media over the Governor’s likely resignation before the meeting of the bank’s board in November but it had ended then in what appeared to be a business as usual event in the RBI’s calendar.

Patel took over as the RBI Governor from Raghuram Rajan on Sept.4, 2016 and his 3-year tenure was to end in 2019.

Governor Urjit Patel’s Full 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.”

Urjit R. Patel

10th December 2018

#UrjitPatel: WHAT THEY SAID

PM Modi on Patel’s Resignation

FinMin Jaitley’s Farewell Message

The Contrarian View

~ENDS~

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