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Urjit Patel resigns as RBI Governor: He leaves behind a great legacy, says PM Modi

In a sudden move this afternoon, RBI Governor Urjit Patel Monday resigned from his post citing personal reasons and said the resignation comes into effect immediately.

By: Express Web Desk | New Delhi |
Updated: December 10, 2018 7:12:34 pm
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Prime Minister Narendra Modi Monday said that Urjit Patel, who resigned a the RBI governor, leaves behind a great legacy. The prime minister acknowledged Patel ‘as an economist of a very high calibre with a deep understanding of macro-economic issues.

“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,” tweeted PM Modi.

Read: RBI Governor Urjit Patel resigns citing personal reasons

“Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macroeconomic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability,” added Modi.

In a sudden move this afternoon, RBI Governor Urjit Patel resigned from his post citing personal reasons and said the resignation comes into effect immediately.

Also read: Full text: RBI Governor Urjit Patel’s resignation letter

Patel had taken over the reins of the RBI from Raghuram Rajan in September 2016 and his term was till September 2019.

More reactions

‘Saddened, not surprised,’ says P Chidambaram

“Saddened, not surprised, by Dr Urjit Patel’s resignation. No self respecting scholar or academic can work in this government,” Former Union Finance Minister and senior Congress leader P Chidambaram tweeted.

“November 19 was the day of reckoning. Dr Patel should have resigned on that day,” he added.

Arvind Kejriwal on Urjit Patel‘s resignation

“RBI governor Urjit Patel has been eased out since he refused to allow the Modi govt to plunder Rs Three lakh crore of RBI reserves. Now Modi govt will get a more pliable RBI governor who will allow this loot,” the Delhi CM tweeted.


Kapil Sibal slams PM Modi

“People he (PM) appointed are resigning, first Arvind Subramanian left as CEO and now it’s Urjit Patel. Economy is suffering, Modi thinks that he’s the biggest economist and he doesn’t need them, so they are resigning,” Kapil Sibal was quoted as saying to ANI.

Surprised at the news: S Gurumurthy Sai

“Surprised at news that RBI Guv resigned. Previous meeting was held in such cordial atmosphere that it comes as a shock. All directors said media had created a wrong perception while inside it was different. That makes it even more surprising,” RBI central board member S Gurumurthy said, as reported by ANI.

Patel’s resignation a matter of concern: Raghuram Rajan

“I think his statement should be respected. We should go into the details on why there was an impasse which forced him to take this ultimate decision,” Rajan said, as reported by Reuters.

“I think this is something all Indians should be concerned about because the strength of our institution is really important both for growth and sustainable growth in equity and the economy,” he added.

RBI governor resigned to protect the Institution: Rahul Gandhi

“RBI governor is resigning because he’s protecting the institution of RBI. Taking away reserves from RBI to save your skin is an act against this nation. I’m very proud that people from all walks of life and institutions are standing up to it, Congress president Rahul Gandhi was quoted saying by ANI.

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