Citing personal reasons, RBI Governor Urjit Patel resigned from his post with immediate effect.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” he said in a statement released by the RBI.

“It has been my privilege and honour to serve in the RBI 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,” Patel stated.

It may be recalled that Patel on Nov 27 appeared before the Parliamentary Standing Committee on Finance and had said that within the next 10 to 15 days he will respond to issues related to the RBI’s reserves and autonomy.

Patel had appeared before the parliamentary panel to apprise on the implications of demonetisation, non-performing assets (NPAs) of public sector banks and economy, among other host of issues.

—India Legal Bureau