Urjit resigns cites personal reasons

Dr. Urjit Patel on Monday announced that he was stepping down from his position as the Reserve Bank of India (RBI) Governor.

His statement is as follows:

“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.”

Dr. Patel, was appointed the Governor of the RBI in 2016. He was previously the Deputy Governor of the central bank.

Prior to his term as Deputy Governor, which began in January 2013, Dr. Patel was with the Boston Consulting Group as an advisor on energy and infrastructure.

He has a Ph.D. in Economics from Yale University and an M. Phil. from Oxford University. Dr. Patel was with International Monetary Fund (IMF) between 1990 and 1995 and worked on the U.S., India, Bahamas and Myanmar desks.