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Dec, 11 2018

Urjit Patel steps down as RBI Governor

He took over as the 24th Governor of the central bank on September 5, 2016.

Urjit Patel has resigned as the Governor of the Reserve Bank of India (RBI), citing personal reasons. He took over as the 24th Governor of the central bank on September 5, 2016.

Urjit's resignation comes against the backdrop of increasing tensions between the Finance Ministry and the Reserve Bank of India. He had the shortest tenure since the year 1992. Patel was hand-picked by the BJP-led government after his predecessor Raghuram Rajan was denied a second term. 

Raghuram Rajan, former RBI Chief, termed the resignation of RBI governor as a mark of protest. He said that the government needs to understand what prompted the resignation of Urjit Patel. 

Patel said in a statement, "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 have 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." 

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