Published On: Mon, Dec 10th, 2018

BREAKING: RBI Governor Urjit Patel steps down citing personal reasons

RBI Governor Urjit Patel stepped down Monday citing personal reasons, but was earlier in a conflict with Union finance ministry related to monetary policy.

RBI Governor Urjit Patel steps down citing personal reasons

Patel said, “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years.”

Meanwhile, it is learned news of Patel’s resignation was already doing rounds in Delhi.

There’s seems no obvious successor to Urjit Patel yet amid the cloud of his resignation, public fight with government over RBI’s autonomy. Prime Minister Narendra Modi may first appoint an interim governor, as usual, and Deputy Governor N.S. Vishwanathan could be the fittest among four most senior eputies. The other three are Economic Affairs Secretary Subhash Chandra Garg, Executive Director at IMF Subir Gokam and Secretary of Department of Financial Services Rajiv Kumar.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at knowledgeherald@gmail.com

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