APD | India: Reserve Bank of India chief resigns

By APD writer Rishika Chauhan

NEW DELHI, Dec.11(APD) -- Urjit Patel, the governor of India’s Reserve Bank of India (RBI) resigned on Monday citing personal reasons.

He stepped down 10 months before the end of his term, which was to finish in September 2019.

Patel’s statement, published on the bank’s website said, “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.”

Reacting to the resignation, Prime Minister Narendra Modi said through twitter, “Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability.”

Arun Jaitley, the finance minister tweeted, “The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI.”

Meanwhile, the resignation sparked a war of words as Congress party held the government’s intervention in RBI’s affairs responsible for Patel’s action.

Former Prime Minister Manmohan Singh said that he hoped that the resignation was not Modi government’s “attempts to destroy” the RBI which was the institutional foundations of Indian economy.

Urjit Patel has degrees from the London School of Economics and Yale University. He had previously worked with the International Monetary Fund (IMF).

(ASIA PACIFIC DAILY)