Urjit Patel's resignation comes four days ahead of a crucial RBI Board meeting on Friday.
Urjit Patel resigned as Reserve Bank of India Governor on Monday amid growing differences with the government over a range of subjects including the central bank's autonomy. "On account of personal reasons, I have decided to step down from my current position effective immediately," said the 55-year-old in the letter announcing his shock resignation, with over a year left in his term. Prime Minister Narendra Modi, accused by the opposition of trying to bully the RBI, tweeted that Dr Patel "steered the banking system from chaos to order and ensured discipline". The words did not soften the sting of opposition criticism over the exit.