RBI governor, Urjit Patel resigns

NP NEWS 24 ONLINE- Reserve Bank Of India (RBI) Governor resigned on Monday. The reasons coming up are some ‘personal’.

Urjit Patel was appointed as governor in year 2016 and had a tenure of up till 2019. Earlier when Raghuram Rajan was the governor of RBI, Urjit Patel was the Deputy Governor and after he resigned, Urjit took the position.

There are speculations that the cause of resignation might be BI is an autonomous body but interference of government was increasing and differences due to liquidity, credit flow and governing of weak banks.

Urjit has stated that, “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 future.”

Who was Urjit Patel?

He was not born in India but for 25 years has witnessed Indian Economy. He was born, bought up and he pursued his education in Nairobi.

He pursued education from London school of economics, Oxford and Yale University. While he was working in International Monetary Fund(IMF), he was appointed in India. He has worked with various important communities since then. He has always been an active  participant in economic reforms.

His period of governance was about to complete two years in the coming month. He has made various attempts to stop the country of India to face financial crisis.