Urjit Patel, the Reserve Bank of India's twenty-fourth governor has resigned.
On Monday, the 10th of December 2018 he has resigned from his duties as the Governor.
In a statement published on the Central Bank's website, the Governor has been stated as saying,
"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 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.
Urjit R Patel
10th December 2018."
Patel's resignation has been speculated for the past two months. While some speculated it was owing to a breach of autonomy and the confusion over invoking of Section 7 of the RBI Act, 1934; Others said it could be owing to the stress and health.
A report published in October said the governor was likely to resign on November 19, owing to ill-health. This owing to the series of tussles that the Reserve bank as an institution had with the centre.
Within minutes of his resignation, social media has been abuzz with responses. RBI Governor and Urjit Patel are among the most trending hashtags on Twitter.
The Finance ministry is yet to offers its response.
Image Courtesy: Satish Acharya
Text Courtesy: Sify