Reserve Bank of India Governor Urjit Patel resigned today, reported news agency Reuters. In a statement released by Mr Patel, he said he stepped down on “account of personal reasons.”
He thanked his colleagues and staff and expressed his gratitude.
Here are the live updates of the resignation of the RBI chief:
It is with great sadness that I received the news of the resignation of the Governor of the Reserve Bank of India, Dr. Urjit Patel.
I have known Dr.Patel to be an economist of high repute and also someone who cared deeply about India's financial institutions and economic policy. Dr.Patel's sudden resignation, at a time when the Indian economy is faced with many headwinds is very unfortunate and is a severe blow to the nation's economy.
There have been apprehensions expressed earlier by the Deputy Governor of the RBI about the government's intent to raid the capital reserves of the RBI for fiscal purposes. I hope the resignation of the Governor is not a sign that this may soon become a reality.
Building institutions take a long time and effort but they can be destroyed in a whimper. It is institutions such as the RBI, among many others that have served as the edifice of our great nation's progress since independence. It will be foolhardy to diminish these institutions for short-term political gains.
I wish Dr. Urjit Patel success in his future endeavours. I also sincerely hope that this sudden resignation of the Governor is not a harbinger of the Modi government's attempts to destroy the institutional foundations of India's $3 trillion economy.
It didn't start with RBI and it won't end with it. At this rate, they will bring about an "institutions-mukt Bharat" soon.- Pinarayi Vijayan (@vijayanpinarayi) December 10, 2018
The resignation of RBI Governor Sri Urjit Patel is a sad culmination of BJP led union govt's destructive efforts to demolish critical national institutions. First CBI, now RBI. If this destruction continues, no institution will survive and Indian democracy will be in deep danger.- N Chandrababu Naidu (@ncbn) December 10, 2018
Amid attacks by opposition over Urjit Patel's resignation, PM Narendra Modi today tweeted: "Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability."
Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely.- Narendra Modi (@narendramodi) December 10, 2018
Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability.- Narendra Modi (@narendramodi) December 10, 2018
The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. (1/2)- Arun Jaitley (@arunjaitley) December 10, 2018
I wish Dr. Patel all the very best and many more years of public service. (2/2)- Arun Jaitley (@arunjaitley) December 10, 2018
Soon after announcement of Urjit Patel's resignation, AAP tweeted: "Told you so"
Since the very first day, @ArvindKejriwal has been saying that #Demonetisation is the biggest scam of India ever.- AAP (@AamAadmiParty) December 10, 2018
It was just a move to benefit cronies. #UrjitPatel#KejriwalToldYouSopic.twitter.com/w14uYDIxzB
Minutes after RBI Governor Urjit Patel announced his resignation, Congress tweeted: "Another one bites the dust".