RBI governor Urjit Patel resigns with immediate effect

New Delhi: RBI Governor Urjit Patel has decided to step down with immediate effect just few days ahead of the crucial RBI board meeting on December 14 citing personal reasons. "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," Patel said in a statement. Worth mentioning here that there has been tension between the North block and Mint Street since long on issues like governance of state-owned banks, liquidity issues at NBFCs and relaxation of lending curbs on financially stressed banks. Source: India Today