Urjit Patel steps down as RBI Governor, cites personal reasons

The Reserve Bank of India (RBI) Governor, Urjit Patel, has resigned from his post with immediate effect citing personal issues. Urjit Patel’s decision to step down comes as a surprise and is just a few days ahead of the crucial RBI board meeting that is slated to take place on December 14.

Urjit Patel, in his official statement, 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 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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After his predecessor Raghuram Rajan stepped down in 2016, Urjit Patel was appointed as the 24th RBI Governor in September that same year, for a three-year tenure that was to end in 2019. Before becoming the RBI Governor, Patel was the Deputy Governor in-charge of monetary policy. Urjit Patel is an Indian Economist and has pursued his BA in Economics from the London School of Economics. He went on to do his M.Phil from Oxford University and he also earned a doctoral degree (PhD) in Economics from Yale University.

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