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December 10, 2018

RBI Governor Urjit Patel Resigns

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Just few days ahead of the curcial board meeting on 14th December, the Governor of Reserve Bank of India (RBI) Urjit Patel has resigned from his post today with immediate effect. With this he became the 1st RBI governor since 1990 to step down before his term ends. He is the fifth Governor to do so since Independence.

His 3 year term was to end in September 2019. He stepped down citing personal reasons, but did not offer any explanation. His resignation comes against the backdrop of increasing tensions between the Finance ministry and the Reserve Bank of India.

On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.” Patel said in a statement.

Urjit Patel took over as the 24th Governor of the central bank on September 5, 2016. He replaced Raghuram Rajan. He had the shortest tenure since the year 1992.

Governors who quit RBI before their Term
  • Benegal Rama Rau in 1957.
  • K R Puri in May 1977.
  • R N Malhotra in 1990 .
  • S Venkitaramanan in 1992.
  • Urjit Patel in 2018.
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