Urjit Patel has resigned from his post as RBI Governor. He was 24th governor of RBI and has stepped down from his post amidst ongoing tensions between Reserve Bank of India and Central government. Urjit’s resignation, according to him, will be effective immediately. 

Statement by Urjit Patel has been published on RBI’s website:- 

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.

Urjit R. Patel

10th December 2018

Delhi CM Arvind Kejriwal tweeted about Urjit Patel’s resignation that he has “been eased out since he refused to allow Modi governement to plunder Rs Three lakh crore of RBI reserves.”

Actually, there had been reports that RBI and governement had varying opinions on different issues. There was a proposal by Finance Ministry seeking transfer of a surplus of Rs 3.6 lakh crore to the governemnt. This is more than a third of total RBI reserve. However, this was later rejected by the governement. 

Prior to this, ex-RBI governor also had differences with central government. Amidst economic crisis and resignation of RBI governor, Will Modi government take the responsibility?


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