Government to make announcement on RBI today: Finance Secretary

New Delhi, DEC 11: The government likely to make announcement about Patel’s successor as RBI governor, said Finance Secretary A. N. Jha.

RBI needs to take quick action on this matter because of Patel’s unexpected resignation with immediate effect.

Urjit Patel is the first governor since 1990, to step down from office before term end, with citation of ‘personal reasons’ for decision.

Due to this, some communication from government about RBI is expected, Jha said.

This announcement of Patel’s resignation happened four days ahead of crucial meeting of the ‘Board of Central Banks’ that could have discussed issues of increasing differences of with the government.

Patel’s three year term was to end in September 2019, and he was eligible for second term like most of his successors, barring a few like outspoken predecessors Raghuram Rajan.