LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Urjit Patel resigns after spat with Centre! PM Narendra Modi reacts to shock move by RBI Governor

Urjit Patel resigns: Prime Minister Narendra Modi took to Twitter to say that Urjit Patel is 'an economist of a very high calibre with a deep and insightful understanding of macro-economic issues'.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Urjit Patel resigns after spat with Centre! PM Narendra Modi reacts to shock move by RBI Governor
Urjit Patel resigns: Notably, Urjit Patel and Centre were having a very public spat over an independent role of the central bank.
Written By: ZeeBiz WebTeam
Updated: Mon, Dec 10, 2018
06:27 pm
ZeeBiz WebDesk
RELATED NEWS
 New Rs 100 notes bearing RBI’s new governor Shaktikanta Das signature to come soon - All details here New Rs 100 notes bearing RBI’s new governor Shaktikanta Das signature to come soon - All details here
Narendra Modi interview: PM reveals why Urjit Patel resigned as RBI governor Narendra Modi interview: PM reveals why Urjit Patel resigned as RBI governor
Welcome 2019: Your home, personal, car loan EMIs may come down in New Year; Here's why Welcome 2019: Your home, personal, car loan EMIs may come down in New Year; Here's why
 December policy: Ex-RBI Guv Patel favoured status quo on repo rate December policy: Ex-RBI Guv Patel favoured status quo on repo rate
Regulators can't work in isolation: Arun Jaitley on ex RBI Guv Urjit Patel Regulators can't work in isolation: Arun Jaitley on ex RBI Guv Urjit Patel

Urjit Patel resigns: Reserve Bank of India (RBI) governor Urjit Patel has resigned today citing personal reasons. Patel said that it was 'a privilege and honour to serve in 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 have 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," said Patel in a statement.

Prime Minister Narendra Modi took to Twitter to say that Urjit Patel is 'an economist of a very high calibre with a deep and insightful understanding of macro-economic issues'.

"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," said Modi.

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.

— Narendra Modi (@narendramodi) December 10, 2018

Modi added that Patel leaves behind a great legacy.

"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," added PM Modi.

Watch This Zee Business Tweet Video

#RBIGuvQuits | जानिए #RBI गर्वनर #UrjitPatel के इस्तीफे के पीछे क्या है कारण स्वाति खंडलेवाल से।@SwatiKJain @AnilSinghviZEE pic.twitter.com/8ZyhvWy43q

— Zee Business (@ZeeBusiness) December 10, 2018

Reacting to Patel's resignation, Finance Minister Arun Jaitley said that it was a pleasure for him to benefit from the scholarship of the governor.

"The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship," said Jaitley in a tweet.

The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. (1/2)

— Arun Jaitley (@arunjaitley) December 10, 2018

Jaitley wished many more years of public service to the governor.

"I wish Dr. Patel all the very best and many more years of public service," said Jaitley.

Notably, Urjit Patel and Centre were having a very public spat over an independent role of the central bank. The main theme around it was that Centre wanted repo rate cut, but Patel was unwilling citing inflationary threat. This ensured that the liquidity situation in country remained tight, hurting economic growth.

Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Urjit PatelNarendra ModiReserve Bank of IndiaArun Jaitley
RELATED NEWS
 New Rs 100 notes bearing RBI’s new governor Shaktikanta Das signature to come soon - All details here New Rs 100 notes bearing RBI’s new governor Shaktikanta Das signature to come soon - All details here
Narendra Modi interview: PM reveals why Urjit Patel resigned as RBI governor Narendra Modi interview: PM reveals why Urjit Patel resigned as RBI governor
Welcome 2019: Your home, personal, car loan EMIs may come down in New Year; Here's why Welcome 2019: Your home, personal, car loan EMIs may come down in New Year; Here's why
 December policy: Ex-RBI Guv Patel favoured status quo on repo rate December policy: Ex-RBI Guv Patel favoured status quo on repo rate
Regulators can't work in isolation: Arun Jaitley on ex RBI Guv Urjit Patel Regulators can't work in isolation: Arun Jaitley on ex RBI Guv Urjit Patel

LATEST NEWS

Special Picks with Anil Singhvi: Market experts recommend Graphite India and Symphony shares for massive returns

World's BIGGEST Music Reality Show! Zee brings Indian Pro Music League today with Salman Khan as brand ambassador

Indian economy 2021: With 0.4% GDP growth in 3rd quarter, country out of technical recession

PUBG Mobile 1.3 beta update: APK download link for global version - Check all details here!

7th Pay Commission latest news: Big news for Central government employees - New window opened to save money

Gwyneth Paltrow: I gained a lot of weight over Covid

Pandemic's unexpected positive effects on health, well-being in US

Colleges and universities reopen date: Students to go back to classrooms in Uttarakhand; Check all details

Mid-cap Stock Picks With Anil Singhvi: Expert Sacchitanand Uttekar suggests these three fabulous stocks to make great gains

7th Pay Commission: CONFIRMED! 3% DA, DR hike for government employees, pensioners of THIS state from March 1

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved