Citing personal reasons, Urjit Patel has resigned as the Reserve Bank of India. His resignation comes in the context of growing tensions between the Ministry of Finance and the Reserve Bank of India. Urjit Patel, 55, who took over as governor number 24 of the central bank on September 5, 2016, had the shortest period since 1992.
This is the statement offered by Urjit Patel
“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,” Patel said in a statement.
The governor of the Reserve Bank of India, Urjit Patel, resigned for personal reasons. The resignation occurs in the context of recent disputes between the government and the RBI over a series of problems, including the autonomy of the central bank, which reportedly, the government seeks a share of the reserves of the RBI and relaxes the restrictive framework of rapid corrective action (PCA) for state banks.