RBI governor Urjit Patel, who resigned Monday, had succeeded Raghuram Rajan in September 2016 for a three-year term and demonetisation was implemented during his tenure.
New Delhi: Soon after Urjit Patel quit as RBI Governor, Prime Minister Narendra Modi on Monday lauded his contribution saying he steered the banking system “from chaos to order” and ensured discipline.
He said Patel is a thorough professional with “impeccable integrity”.
Patel, who had a run in with the government over autonomy of the central bank, in a brief statement on Monday said he has decided to step down as RBI Governor with immediate effect. He, however, did not specify the reason for the decision.
The Prime Minister said Patel leaves behind a great legacy and will be missed immensely.
“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,” the PM wrote on Twitter.
“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,” Modi said.
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
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.
— Narendra Modi (@narendramodi) December 10, 2018
Finance Minister Arun Jaitley Monday appreciated the service rendered by RBI Governor Urjit Patel saying it was a pleasure to deal with him and has benefitted from his scholarship.
Patel Monday resigned as RBI Governor, nearly 9 months ahead of his three-year tenure was to come to an end.
“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,” Jaitley tweeted.
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
“I wish Dr Patel all the very best and many more years of public service,” he said.
I wish Dr. Patel all the very best and many more years of public service. (2/2)
— Arun Jaitley (@arunjaitley) December 10, 2018
Swaminathan Gurumurthy, currently serving as an independent director of RBI, said that Patel’s resignation shocked him.
He also claimed that the “The previous meeting was held in such cordial atmosphere that it comes as a shock”.
Surprised at the news that RBI governor has resigned. The previous meeting was held in such cordial atmosphere that it comes as a shock. All directors said media had created a wrong perception while inside it was totally different. That makes it even more surprising
— S Gurumurthy (@sgurumurthy) December 10, 2018
Gurumurthy also tweeted that he “enjoyed several hours of personal discussions with him where we found large areas of agreement as well as mutually understandable disagreement”.
I enjoyed several hours of personal discussions with him where we found large areas of agreement as well as mutually understandable disagreement. His resignation is indeed set back to the effects of the convergence of views that was taking place. We will miss him.
— S Gurumurthy (@sgurumurthy) December 10, 2018
-PTI