Government likely to make announcement about Urjit Patel’s successor soon

Government likely to make announcement about Urjit Patel’s successor soon

PTIUpdated: Wednesday, May 29, 2019, 04:09 AM IST
article-image

New Delhi: The government is likely to make an announcement regarding Urjit Patel‘s successor as Reserve Bank of India’s Governor later in the day, Finance Secretary A N Jha said.

RBI has been rendered headless following Patel’s unexpected resignation, with immediate effect, Monday. Patel, who is the first governor since 1990 to step down before his term ends, in a brief statement, cited “personal reasons” for the decision.

The decision to quit comes four days ahead of a crucial meeting of the board of the central bank that could have discussed issues of simmering differences with the government. It is expected that the board meeting may be deferred as there is no regular governor.

Speaking to reporters, Jha said, some communication from the government on RBI is expected. Patel’s three-year term was to end in September 2019, and he was eligible for a second term like most of his successors, barring a few like his outspoken predecessor Raghuram Rajan.

A Kenyan national who acquired an Indian citizenship prior to being appointed Deputy Governor of RBI in January 2013, Oxford-trained Patel was initially seen as toeing government line after he backed the November 2016 shock decision to overnight junk 86 per cent of the currency in circulation.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...