India central bank chief Urjit Patel resigns amid government spat

India’s central bank governor Urjit Patel resigned on Monday citing “personal reasons”, a statement issued by the Reserve Bank of India (RBI) said.

“On account of personal reasons, I have decided to step down from my current position effective immediately,” the statement read. 

“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,” it continued.

“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.” 

The government and the RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.

More soon…