RBI Governor Urjit Patel's Resignation "Severe Blow" To Economy: Manmohan Singh

New RBI Governor Shaktikanta Das

New RBI Governor Shaktikanta Das

"On account of personal reasons, I have chose to step down from my current position effective immediately", a release uploaded by the RBI stated. Patel's tenure was scheduled to end in September 2019. RBI's deputy governors, former government officials and top bankers and economists could be considered. This development in the midst of a government-central bank tussle over autonomy, reserves to be maintained by RBI and liquidity concerns. His shock departure comes in the backdrop of an escalated row with the Finance Ministry over the sharing of central bank's surplus funds. "He had come to the RBI office only for the Monetary Policy Committee and the Board of Financial Supervision meetings", the source said, requesting anonymity.

Congress leader Ahmed Patel also cam down heavily on the government over RBI Governor's resignation and said Urjit Patel has been forced to quit.

The government is believed to be unhappy with the RBI over a number of issues including interest rates, how to deploy reserves and how to respond to India's sliding rupee. The next Board Meeting is scheduled for December 14. He steered the banking system from chaos to order.

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"Quite clearly the resignation of Urjit Patel shows that nothing has changed", former finance minister and member of the ruling Bharatiya Janata Party Yashwant Sinha told CNBC-TV18. "Wiser head should prevail in the current environment and the circumstances that led to this resignation have to be reversed". Puri was appointed by Prime Minister Indira Gandhi and subsequently removed when the Janata government took over.

In a mail he wrote to RBI employees on New Year's eve, Patel, referring to demonetisation, wrote, "Let me emphasise that one thing we should all zealously guard is the integrity and reputation of our organization and any act belittling the same should deserve zero tolerance...." There was a consensus in the room that we've to stop BJP's assault on our institutions- CBI, RBI, EC and on the constitution.RBI governor is resigning because he's protecting the institution of RBI. "Though he (Patel) has cited as personal reasons for quitting, obviously there must have been some other reasons for his resignation", Rangarajan said.

"At this point, it is important that the government recognises the statement made by Urjit Patel", Rajan said.

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"The government is taking measures that are unsafe for our country". It too warned the government against interfering with the RBI's functioning.

"I am very-very proud that people in all walks of life and all institutions are standing up".

It was agreed in the meeting that RBI's reserves won't be touched, but RBI would be flexible in examining if some banks could be brought out of the prompt corrective action framework (PCA). "Not only it must not be done, it must not be seen to be done either".

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