"Surprised", Says RBI Independent Director On Urjit Patel's Resignation

He has reportedly cited personal reasons for doing so.

In a statement, Mr Patel thanked his staff and officers, calling them the reason for the "bank's considerable accomplishments in recent years".

Soon after Urjit Patel quit as RBI Governor, Prime Minister Narendra Modi on Monday lauded his contribution saying he steered the banking system "from chaos to order" and ensured discipline.

According to the sources, the important institution like the RBI can not be headless for long and the government will soon initiate the process for finding replacement of Patel. He leaves behind a great legacy. "We will miss him immensely", Modi said.

The issues that brought them head on included appropriate size of reserves the central bank must maintain, easing of lending norms to ease liquidity rules certain sectors and guidelines for weak banks. "Resignation by a government servant is a note of protest when faced with circumstances they can not deal with", Rajan, who was denied a second term by the Narendra Modi government in 2016, told ET Now. "(And) to determine economical capital for the Reserve Bank was resolved", said Marathe.

His reactions came moments after Patel resigned from his post over reported differences with the central government, which has been accused of diluting the independence of the federal government.

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Appointed by the NDA government, Urjit Patel had taken over from Raghuram Rajan on 4 September 2016.

The final nail in the coffin was perhaps when the government started demanding a review of RBI's corporate governance and wanted the board of directors to enjoy greater role in decision making, undermining the governor's role.

She proposed that the meeting should continue on Tuesday and leaders of opposition parties should also meet President Ram Nath Kovind over Patel's resignation. "I wish Dr Patel all the very best and many more years of public service", Jaitley said. The government and the RBI were also at loggerheads over the suggestion to set up a payment regulator outside the purview of the RBI. "Institutions, from the CBI to the RBI, have become total disasters".

"The resignation is a clear sign of the government trying to interfere with the working of the RBI", he added.

Asked about the government-RBI tiff, former Chief Economic Advisor Arvind Subramanian told reporters here on Saturday that the central bank's autonomy must be protected because the country will benefit from strong institutions.

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