RBI Governor Urjit Patel Resigns

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Highlights

  • Established on April 01, 1935 under the provision of the Reserve Bank Of India Act, 1934, Reserve Bank Of India was a privately owned entity which was nationalized in 1949.  Since then, it is owned by the government of India.  The Central Board of Directors governs its operations across the country.  The Union government makes appointments to this board under the Reserve Bank of India Act. The term of the RBI governor is three years. 

Urjit Patel

Days after the disagreement between Government and the central bank of India came to light, RBI Governor Urjit Patel resigned from his post on December 10, 2018.  

However, he cited personal problems as the reason for his resignation.  He was the 24th governor of Reserve Bank of India who had replaced former RBI governor Raghuram Rajan on September 04, 2016.  

Key Highlights

  • He presided over the Expert Committee on Monetary Policy while acting as Governor. 
  • Besides this, he also played a key role in inter-governmental agreement and the inter-central bank agreement (ICBA) with BRICS countries.
  • During his tenure, the Union Government had decided to launch demonetization to curb corruption and filter out black money. 

Know About Reserve Bank Of India

Established on April 01, 1935 under the provision of the Reserve Bank Of India Act, 1934, Reserve Bank Of India was a privately owned entity which was nationalized in 1949.  Since then, it is owned by the government of India.  The Central Board of Directors governs its operations across the country.  The Union government makes appointments to this board under the Reserve Bank of India Act. The term of the RBI governor is three years. 

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