Reserve Bank of India (RBI) governor Urjit Patel on Monday stepped down from his current position effective immediately, according to a statement issued by the central bank.
“On account of personal reasons, I have decided to step down from my current position effective immediately,” said a statement issued on Monday evening that was attributed to Patel.
“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.”
Patel’s resignation comes on the heels of months of confrontation between the RBI and the Modi government over a wide-range of issues including central bank independence, its reserves and the manner in which it dealt with India’s bad loans crisis.
“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,” Patel’s statement notes.