News: RBI Governor Urjit Patel steps down

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RBI Governor Urjit Patel steps down

Urjit Patel was appointed in 2016 for a three-year term, which was to expire in September next year.
RBI Governor Urjit Patel steps down

Governor of Reserve Bank of India, Urjit Patel has stepped down from his post today citing ‘personal reasons. Urjit Patel was appointed in 2016 for a three-year term, which was to expire in September next year.  

According to media reports, an unprecedented public face-off with the government over a range of issues the RBI Governor has decided to step down from his role. 

In a media statement, he said, “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 the future.”

Commenting on his tenure, Prime Minister, Narendra Modi said, “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.”

He added, “He is a thorough professional with impeccable integrity. 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.”

Pic Source- India Today 

Topics: Movements, C-Suite

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