RBI Governor Urjit Patel Quits: Understanding the main reason
Urjit Patel Quits: 10 things to keep in mind
The silent exit of Urjit Patel has created a lot of noise. Citing the personal reasons, Urjit Patel has stepped down from his position. Notably, his resignation comes against the backdrop of increasing tensions between the Reserve Bank of India and the Ministry of Finance.
Here are 10 things you need to keep in mind about Urjit Patel. This information will come in handy in terms of General Knowledge.
1. He is the Indian Economist who served as the 24th Governor of the Reserve Bank of India
2. He is the first governor in the post-liberalization era to quit before the end of his term. The main reason he cited for his resignation was “Personal Issues.” Notably, he had the shortest tenure since 1992.
3. In the absence of the governor, the senior-most deputy governor officiates will serve as the interim governor. This will make NS Vishwananthan the acting head of RBI
4. The main reason behind his resignation is the long draw battle of disagreements with the central government
5. Urjit Patel’s resignation had an immediate effect on the market. The Sensex fell by nearly 750 points and closed at less than 35,000 marks on Monday evening
6. He was hand-picked by the BJP government after his predecessor Raghu Ram Rajan was denied the second term.
7. Soon after Urjit Patel resigned, Prime Minister and several other ministers tweeted in praise of Patel’s work. His 3 years tenure was getting over in September 2019
8. He was the RBI governor at the time of Demonetization one of the historic decisions of BJP.
9. The next big RBI Board meeting is scheduled for December 14, 2018
10. The analysts are saying this decision has been taken because the Modi government was trying to pressure the RBI to ease its lending norms and other policies.
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