RBI Governor Urjit Patel steps down citing 'personal reasons'

NewsBharati    10-Dec-2018
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New Delhi, Dec 10: Reserve Bank of India Governor Urjit Patel stepped down from his current position. Patel cites personnel reason.




 Prime Minister Narendra Modi said in his tweet, 

"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."
 
 
 

Last month, the bank's board met for more than nine hours in Mumbai that ended on a conciliatory note, with the central bank agreeing to set up a panel on sharing surplus reserves and restructure loans of small businesses up to Rs. 25 crores.

The RBI announced that it would inject Rs. 8,000 worth of liquidity into the system through open market operations on November 22.