Amidst rift with government, Urjit Patel resigned as RBI governor citing personal reasons.
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"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," said Urjit Patel.
Patel succeeded Raghuram Rajan as RBI governor in September 2016
His three-year term was to end in September 2019. Urjit Patel chaired the six-member monetary policy committee's first meeting.
He was instrumental in putting together an inflation targetting framework. During Patel's tenure, the government demonetised Rs 500 and Rs 1000 notes.
Urjit Patel cracked down on NPAs in a big way. Under him, RBI identified 12 large defaulters to be sent to the national company law tribunal (NCLT) for resolution under the insolvency and bankruptcy code.
After that, RBI identified another 28 defaulters to be referred to NCLT. On February 12, 2018 RBI came out with a circular with time-bound rules for resolution of stressed assets
Prior to becoming RBI governor, Patel served as deputy governor of RBI for three years from January 2013.
He has worked with international monetary fund's USA, India, Bahamas and Myanmar desks from 1990-1995.
Between 1996 and 1997, he went on deputation from IMF to the Reserve Bank of India.
From 1998-2001, Patel served as a consultant in Finance ministry's department of economic affairs.
Between 2000-2004, Patel worked with several high-level committees like task force on direct taxes and Competition Commission of India
Patel has been a non-resident senior fellow at the Brookings institution since 2009.
Urjit Patel has a bachelors degree in economics from London School of Economics.
He obtained his M.Phil degree in Economics from Oxford University in 1986. He got a doctorate in Economics from Yale University in 1990.