Today resignation of RBI Reserve Bank of India Governor Urjit Patel comes as a big surprise after a very short span of just over 2 years of holding the post. Urjit is said to have resigned due to personal reasons.
His resignation comes just on a previous day of winter session of Parliament.
It is also learnt that following Urjit Patel’s resignation Deputy Governor of RBI Viral Acharya has Stepped Down, which was denied by RBI sources.
It is evident that the government and the RBI have been fighting for weeks over amount of autonomy to RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.
Patet is said to be under huge pressure over autonomy to RBI governor and sharing of RBI surplus reserves.
Reacting over resignation of current RBI governor Urjit Patel former RBI governor Raghuram Rajan stated its a matter of concern.
Sudden resignation of Governor Patel will have effects of Stock market and financial stability.
