Irked by Modi Govt, RBI Governor Urjit Patel Also Resigns

Narendra Modi (file photo). Courtesy: PIB
Narendra Modi (file photo). Courtesy: PIB

The Reserve Bank of India (RBI) Governor Urjit Patel resigned today. Although he had stated personal reasons for his resignation, reports suggest that he had been at daggers drawn with the government of Prime Minister (PM) Narendra Modi over the issue of autonomy for the Bank.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” Urjit Patel stated on RBI website.

According to news agency Reuters, Modi government and the RBI have been fighting over how much autonomy the RBI should have as the Modi government seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.

Earlier today, Upendra Kushwaha – the Minister of State for HRD in Modi government – resigned from his position, saying that the BJP government headed by PM Modi has completely failed on all fronts.

Finance Minister Arun Jaitley said that the Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. “It was a pleasure for me to deal with him and benefit from his scholarship,” Jaitley said.

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Rakesh Raman