RBI Governor Urjit Patel has resigned. Patel has given a personal reason behind his resignation.
RBI Governor Urjit Patel has resigned. Patel has given a personal reason behind his resignation. However, it is being said that there was a situation of differences and anxiety on the issues between Governor Urjit Patel and the Central Government. Although, after the board meeting of the RBI last week, news came that things between the government and Urjit Patel were cured, but on Monday, suddenly they resigned. Urjit Patel said in his statement, “I am resigning from my post with immediate effect due to personal reasons. It was a matter of pride for me to work in the RBI in the past years. During this, there was a lot of support from officials, management and staff of the RBI. I thank all the directors and colleagues of the RBI board. “
Section seven of reserve bank act
Let us tell you that between Urjit Patel and the Central Government, the situation of conflict of interest on the central bank’s autonomy has arisen over the past few days. It was reported that the Finance Ministry has started discussions on implementing section seven of the Reserve Bank Act. This section gives the government the right to direct the Reserve Bank Governor on issues of public interest. On the other hand, it was also said that the government is demanding Rs 3.60 lakh crore from the Reserve Bank, which has been opposed by the RBI. On all these issues, news of continuous sourness between government and Urjit Patel continued to come. During this tension, Governor Urjit Patel met Prime Minister Narendra Modi on November 9. A few days later, the board meeting of the RBI was held and it was said that the agitation between the Urjit Patel and the government has ended.
Patel (Urjit Patel) is a graduate of London School Economics and then he a PhD from the reputed Yale University. Patel, considered to be a close associate of former Governor Raghuram Rajan, is known as Rajan’s strongest soldier who took charge against inflation. He was also the chairman of the committee, which brought significant changes including retail prices to new standards of inflation, instead of wholesale prices. After the resignation of Urjit Patel, PM Modi tweeted, “Dr. Urgit Patel is a very high-capacity economist with a deep understanding of macro-economic issues and understanding. He took the banking system out of chaos. He is leaving behind his great legacy. He will be very happy. ‘ On the other hand, Finance Minister Arun Jaitley said that the Government appreciates Urjit Patel’s services with full seriousness.
Congress on Patel Resignation
On the resignation of RBI governor Urjit Patel, Congress said, “In the state of Gujarat, the suggestion of another institution was destroyed. The manner in which the RBI governor has been forced to withdraw is a stain on the monetary and banking system of India. Trinamool Congress chief Mamata Banerjee also targeted the Narendra Modi government in the backdrop of Patel’s resignation from the RBI governor and alleged that all the institutions from the CBI to the RBI are in crisis. Mamta cited Patel’s resignation and said, “There was a situation of political emergency in the country and now the financial crisis has arisen. From CBI to RBI all institutions are in crisis. Never before have such a condition ‘. At the same time, the RSS ideologue and Independent Director of Reserve Bank S. Gurumurthy expressed surprise at the resignation of Urjit Patel, saying that this is a setback.