RBI governor Urjit Patel resigns citing ‘personal reasons’

New Delhi: On Monday, Reserve Bank of India (RBI) governor Urjit Patel resigned from his post with immediate effect citing personal reasons, ahead of the crucial RBI board meeting on December 14.

“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,” said Urjit R Patel in a statement.

Also read: RBI governor Urjit Patel to resign? Why apex bank and Centre grew apart over months

He did not specify the reason for his decision. Patel was appointed the 24th Governor of the RBI on September, 2016 for a three-year term.

Speculation over his resignation has been rife after RBI’s deputy governor Viral Acharya’s speech that sought to defend the autonomy of the RBI. This had caused a rift between the government and the RBI over various issues related to related to liquidity, credit flow and the controls governing weak banks.