NEWS
10/12/2018 5:25 PM IST | Updated 10/12/2018 6:07 PM IST

Urjit Patel Resigns As RBI Governor, Cites Personal Reasons

Many news reports had been speculating about Patel's possible exit for several weeks now.

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A file photo of Urjit Patel.

Reserve Bank of India (RBI) Governor Urjit Patel stepped down from his post on Monday. In a statement, he said that he has decided to step down from his current position on account of "personal reasons".

"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," he said in the statement.

Union minister Arun Jaitley tweeted that the government acknowledges with deep sense of appreciation the services rendered by Patel to this country both in his capacity as the Governor and the Deputy Governor of the RBI.

Prime Minister Narendra Modi said Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues.

Tensions between the government and the RBI had come out into the open in October when deputy governor Viral Acharya expressed concerns about central bank's autonomy being jeopardised.

In a press conference last week, Patel had refused to answer questions about possible friction with the Narendra Modi government.

Patel was appointed the 24th Governor of the RBI in September, 2016 for a three-year term.

Congress responded to the development and tweeted, "Another one bites the dust".