The Governor of Reserve Bank of India (RBI), Urjit Patel has resigned from his post specifying personal reasons. Since 1990, no RBI Governor has stepped down before his tenure.
The RBI Governor cited, “On account of personal reasons, I have decided to step down from my current position 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 my gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future”.
This sudden move comes after the government and RBI had a war of words in public. An agreement was reached on lending relief to small and medium firms and relaxing restrictions on some state owned banks.
Urjit Patel was appointed by the NDA government. He succeeded Raghuram Rajan as RBI Governor on September 4, 2016. His term was due to end on September 2019.