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RBI Governor Urjit Patel Resigns, Cites ‘Personal Reasons’

There is no mention of members of the Narendra Modi-led government in his resignation letter.

Urjit Patel, the 24th Governor of the Reserve Bank of India (RBI), has announced his resignation on Monday, December 10. He had succeeded Raghuram Rajan as the RBI governor in September 2016.

Patel has cited “personal reasons” for his resignation. In the resignation letter, while he has thanked the RBI staff, his colleagues and members of the bank’s central board, there is no mention of members of the Narendra Modi-led government.

Amid the on-going tussle between the central bank and the Bharatiya Janata Party(BJP) government at the centre, it was widely speculated that Patel might tender his resignation.

The Modi government has faced a lot of flak over alleged attempts to undermine the RBI’s authority by demanding a relaxation of lending norms and control over the bank’s reserves, despite the RBI’s reluctance.

The government even invoked never-before used powers under section 7 of the RBI act, Finance Minister Arun Jaitley had confirmed in a recent interview. “The government is using every section at its command to nudge the central bank to decide on liquidity and credit issues,” he had told India Today.

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