Urjit Patel steps down as RBI Governor; PM Modi lauds his contribution

PTI

File photo of RBI Governor Urjit Patel  Photo - PTI

File photo of RBI Governor Urjit Patel
Photo – PTI

RBI Governor Urjit Patel resigned from his post earlier today.

In a brief statement, Patel said he has decided to step down with immediate effect.

He, however, did not specify the reason for the decision.

Patel was appointed the 24th Governor of the RBI on September, 2016 for a three-year term.

Soon after Patel quit, Prime Minister Narendra Modi lauded his contribution saying he steered the banking system “from chaos to order” and ensured discipline.

He said Patel is a thorough professional with “impeccable integrity”.

Patel, who had a run in with the government over autonomy of the central bank, in a brief statement on Monday said he has decided to step down as RBI Governor with immediate effect. He, however, did not specify the reason for the decision.

The Prime Minister said Patel leaves behind a great legacy and will be missed immensely.

“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,” the PM wrote on Twitter.

“He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely,” Modi said.

(More details awaited)