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10/12/2018 7:37 PM IST | Updated 10/12/2018 7:37 PM IST

Urjit Patel's Resignation A Matter Of Concern For All Indians, Says Raghuram Rajan

Rajan said Patel's statement should be respected and there people should not go into the details of what forced him to quit.

Hindustan Times via Getty Images
Former RBI governor Raghuram Rajan in a file photo.

NEW DELHI — The surprise resignation of the Reserve Bank of India governor Urjit Patel on Monday should be a matter of concern for all Indians and needs to be investigated, former central bank chief Raghuram Rajan said.

"I think his statement should be respected. We should go into the details on why there was an impasse which forced him to take this ultimate decision," Rajan told ET NOW channel.

Patel stepped down, citing "personal reasons", a statement issued by the Reserve Bank of India (RBI) said.

READ:'Matter Of Great Concern': Reactions To Urjit Patel's Resignation As RBI Chief

"I think this is something all Indians should be concerned about because strength of our institution is really important both for growth and sustainable growth in equity and the economy."

The government and the RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.