Reserve bank of India (RBI) governor Urjit Patel on Monday has decided to step down from his position with immediate effect. He has given a personal reason behind his resignation. However, he did not specify the reason for the decision.
Patel said in his brief statement, “I am resigning from my position with immediate effect due to personal reasons. It was a matter of pride for me to work in the RBI in the past years. During this, there was a lot of support from officials, management, and staff of the RBI. I thank all the directors and colleagues of the RBI board”.
The government and the RBI have been at loggerheads for weeks over how much autonomy the RBI bank should have as the Modi-led government seeks to reduce curbs on lending and access RBI’s surplus reserves.