Reserve Bank Of India (RBI) Governor Urjit Patel tendered his resignation one year before the end of his term citing personal reasons. The actual reason seems to feud with Union Government over issues such as Excess Reserves of Rs 3.6 lakh crore, Liquidity and Dealing with weak banks.
Former RBI Governor Raghuram Rajan was the first to respond on Urjit Patel's resignation: 'All Indians should be concerned about Governor Patel's resignation'.
However, PM Narendra Modi stunned the nation by treating it like an opportunity for some other economist to continue a great legacy - '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'.
West Bengal CM Mamata Banerjee alleged NDA ruined institutions from CBI to RBI. She proposed that Opposition Parties should meet on Tuesday and also offer a representation to President on RBI issue.
Urjit Patel was appointed as RBI Governor just before Centre announced demonetization. His resignation came ahead of the 5 States Assembly Polls results. This is a huge blow to the BJP-led NDA Government. Markets has crashed on Monday. While Sensex plunged over 700 points, Nifty dropped below 10,500-mark. Not a good sign at all!