There has been speculation of his resignation after deputy governor Viral Acharya’s speech last month that sought to defend the autonomy of the RBI and the subsequent differences between the government and the RBI over various issues related to related to liquidity, credit flow and the controls governing weak banks.
“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,” Patel said in a statement.