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Reserve Bank of India Governor Urjit Patel resigns

New Delhi: Urjit Patel has resigned as Reserve Bank of India (RBI) governor on Monday. According to reports, he has stepped down due to personal reasons. While announcing his resignation, the Urjit Patel said that he has stepped down following some personal reasons. He added that it was his privilege and honour to serve in the Reserve Bank of India over the years. 

“Support and hard work of RBI staff, officers and management have been the proximate driver of Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues&Directors of RBI Central Board & wish them all the best for future,”  the RBI chief said in a statement. 

Reacting to Patel’s stepping down, the BJP said that Urjit has resigned on account of personal reasons and there is no bad blood between the Centre and the RBI. According to reports, there have been speculations of his resignation in November as the Centre has requested for Rs 3.6 lakh crore from the RBI but Patel did not cave in. 

Non-performing assets (loans that were not recouped by Nationalist banks), were also one source spot in the Government-RBI dynamics. The campaign to cut back on NPS has been launched by Urjit’s predecessors Raghu Ram Rajan. Both Rajan and Patel have had to play second fiddle to the RSS economic wing, Swadeshi Jagran Manch.

Reacting on Patel’s resignation, senior BJP leader Subramanian Swamy said that Patel’s resignation will be bad for our economy, RBI & govt. He added that Patel should stay in the office till July until the next government comes to power. He said that PM Modi should call him to try to dissuade him from leaving in the larger public interest

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