RBI Governor Urjit Patel resigns on account of ‘personal reasons’

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Urjit Patel, governor of the Reserve Bank of India (RBI) on Monday stepped down from his position with immediate effect.

According to a statement issued by the central bank attributed to Patel, “On account of personal reasons, I have decided to step down from my current position effective immediately.”

The statement added, “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.”

The resignation comes after months of confrontation between the Bank and the Modi government over many issues of issues including the bank’s independence, its reserves and the manner in which it dealt with India’s bad loans crisis.

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