Why Urjit Patel resigned? Here’s what PM Modi revealed for first time about the issue

By: | Published: January 2, 2019 4:20 PM

Opening up for the first time after Urjit Patel’s resignation, Prime Minister Narendra Modi said that the former RBI governor resigned for personal reasons.

Patel resigned on 10 December last year.

Opening up for the first time after Urjit Patel’s resignation, Prime Minister Narendra Modi said that the former RBI governor resigned for personal reasons. “I am revealing for the first time, he was telling me about this for 6-7 months before his resignation. He even gave it in writing. He wrote to me personally. No such question (of political pressure) arises”, Modi said on Tuesday in an interview with ANI news agency.

Prime Minister Narendra Modi also said that Urjit Patel did a good job as RBI Governor. It was after months of tussle between the RBI and the government, on issues ranging from capital surplus to autonomy, that Urjit Patel resigned from the Central Bank’s top post.

Also read: Share market LIVE updates: Sensex ends lower over 350 pts, Nifty below 10,800; TCS, Sun Pharma major gainers

Patel resigned on 10 December, four days ahead of an RBI board meeting, citing personal reasons. No public statement has been issued by him since then.

In the same interview, Prime Minister Narendra Modi had hailed demonetisation saying that it helped the government in curbing black money and keeping the pre-poll promise. Several warnings were issued to the black money holders in advance, he had said, adding that the noteban was a properly thought out strategy, not a hurriedly made move. “Demonetisation wasn’t a jhatka,” he said.

People with illicit money were also asked to pay penalties with an assurance that the government would help them, he had also said. However, they thought that this government too would behave similar to predecessors,  and very few came forward voluntarily, Modi added.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition