RBI Governor Urjit Patel resigns citing ‘personal reasons’

Mamata Banerjee, Trinamool Congress, Kolkata, Congress workers, Urjit Patel, Reserve Bank of India,

In a rare happening Urjit Patel, the governor of the Reserve Bank of India has resigned from the post with almost 10 months before his term ends. He has stepped down with immediate effect.

It was during his tenure, the government demonetised the Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series, on 9 November 2016, with the stated intention of curbing corruption, black money, fake currency and terrorism.

Patel cited personal reasons behind his decision to step down. However, the RBI has been engaged in a public spat with the government on issues that challenged the autonomy and independence of the central bank.

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The Prime Minister Narendra Modi and Arun Jaitley expressed their appreciation for his services.

“Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely,” said PM Modi on his Twitter handle.

Urjit Patel's resignation announcement

Urjit Patel was appointed as the chief of the central back in August 2016. The former RBI governor Raghuram Rajan told a national daily that “Believe resignation of RBI Governor Urjit Patel is matter of great concern. Resignation by a Govt servant is a note of protest, when faced with circumstances they cannot deal with.”

Prior to that he was the Deputy Governor of RBI for a period of three years. As the Deputy Governor of RBI from 2013, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.

The North Block seems to be jinxed as it is hit by a spate of high profile resignations even as the finance minister battles health issues. Chief economic advisor Arvind Subramanian resigned in August this year much before his tenure end (May 2019), NITI Aayog’s Deputy Chairman Arvind Panagriya suddenly announced, in August 2017, that he will step down and former RBI governor Raghuram Rajan resigned in June 2016 while his term was to end in September.

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