Breaking News – Urjit Patel Resigns as RBI Governor
Reserve Bank of India (RBI) governor Urjit Patel on Monday resigned from the post citing personal reasons. “On account of personal reasons, I have decided to step down from my current position effective immediately.
Sources in the ministry of finance told Firstpost that Section 7 of the RBI Act has not been invoked. However, two letters were sent to RBI last month in which “Section 7 was quoted”, highlighting the existence of powers under the Act that allows the government to issue directions to the central bank on “matters of public interest”.