Reserve Bank of India Governor Urjit Patel stepped back on Monday. His resignation will take effect consequently, Mr. Patel said in a statement. He took charge as chief of the central bank in September 2016, replacing Raghuram Rajan, who stepped down to return to academia after a single three-year term. Mr. Patel’s stepped down from the top central bank position comes amid the ongoing argument between the RBI and the government over central bank autonomy. Mr. Patel’s resignation comes 10 months before the end of his three-year term.
Here’s the full text of Mr. Patel’s statement:
Statement by Governor On account of personal reasons, I have decided to step down from my present position effective immediately. It has been my privilege and honor 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.