Prime Minister Narendra Modi on Tuesday said that he was revealing for the first time that the former RBI Governor Urjit Patel had requested to step down from his post. Speaking to news agency ANI, Modi said, “The governor himself requested (to resign) because of personal reasons. I am revealing for the first time, he was telling me about this for the past 6-7 months before his resignation. He gave it even in writing. No question of political pressure. He did a good job as RBI Governor.”
Patel had stunned everyone last month by resigning from his post for ‘personal’ reasons. In his resignation note, Patel had said, “On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years.”
Former Prime Minister Manmohan Singh had termed the development ‘unfortunate’ and ‘severe blow’ to the Indian economy. Experts had said that Patel had chosen to resign because of the central government’s attempts to curtail the autonomy of the RBI.
Dr Singh had said that he sincerely hoped that the RBI Governor’s sudden resignation was not a sign of Prime Minister Narendra Modi government’s attempts to ‘destroy’ the institutional foundations of India’s $3 trillion economy.