Urjit Patel Resigns as RBI Governor Citing 'Personal Reasons'
Patel, who was the 24th Governor of Reserve Bank of India, was having a strained relation with the government for some time now but cited 'personal reasons' as the motive behind resigning.
Mumbai, December 10: Urjit Patel, the Reserve Bank of India Governor, resigned from his post on Monday evening in a sudden turn of events. Patel's resignation comes a day before the results of 2018 assembly elections in five states are to be announced. RBI Board Meeting Underway, Rahul Gandhi Says Urjit Patel and Team Must 'Show Narendra Modi His Place'.
Patel, who was the 24th Governor of Reserve Bank of India, was having a strained relation with the government for some time now. He thanked the RBI staff for their support and expressed his gratitude to the directors of RBI Central Board and his colleagues. Patel resigned just three days before the RBI Board meeting.
Check his statement in the Tweet Below:
Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday had refused to take any questions about the central bank’s alleged rift with the Union government, including the invocation of Section 7 of the RBI Act earlier this year. “I would avoid those questions because we are here discussing the monetary policy resolution,” Patel said when asked about Section 7 of the RBI Act during a media conference after the bank’s bi-monthly meeting of the Monetary Policy Committee (MPC) in Mumbai.
Earlier, on November 27, appearing before the Parliamentary Standing Committee on Finance, RBI Governor Urjit Patel had said that the effect of demonetisation was temporary while he will respond to issues related to the RBI's autonomy and reserves in the next 10 to 15 days in the midst of differences with the government. He had told the members that the economy was faring better than the pre-demonetisation period in the "after phase" of demonetisation with the adverse effects receding, sources said.
(The above story first appeared on LatestLY on Dec 10, 2018 05:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).