New Delhi: Reserve Bank of India (RBI) governor Urjit Patel resigned on Monday effective immediately. Patel’s three-year-tenure was supposed to end in September 2019. His resignation was preceded by months of public confrontation between the RBI and the Narendra Modi government. The clashes were over wide-ranging issues such as central bank independence, its reserves and the manner in which it dealt with India’s bad loans crisis.
The Wire discusses the implications of the resignation.