Urjit Patel resigns as RBI governor

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RBI governor Urjit Patel announced his resignation on Monday, four days before the RBI board meeting. According to a report by The Times of India, he cited personal reasons for the resignation, with the resignation being effective immediately.

RBI-Governor-Urjit-Patel
RBI governor Urjit Patel announced his resignation with immediate effect.

Patel took over the post on September 5 2016 and was the 24th Governor of the RBI. Various outlets have attributed his resignation to the standoff between the RBI and the government.

According to the same report by TOI, N S Vishwanathan could be the interim governor. He is currently the senior-most deputy governor of the RBI. The report also stated that the names of Subir Gokarn (executive director of IMF), Rajiv Kumar (Secretary of Financial Services), and S C Garg (Secretary of Economic Affairs) are being considered for the post.

Mr. Urjit Patel was appointed to the post after former governor Raghuram Rajan was denied an extension to continue as governor.

Sources: The Times of India, Economic Times

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