In an unprecedented move, Patel on Monday announced that he has stepped down from RBI Governor post with immediate effects citing personal reasons. "Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," PM wrote in another tweet.
Even Finance Minister Arun Jaitley took to Twitter to acknowledged the same and extended his good wishes to the former RBI governor. "The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship."
Patel took charge as the RBI Governor on September 4, 2016, after Raghuram Rajan resigned from the post in on June 19, 2016. Even former RBI Governor Raghuram Rajan expressed concerns over Patel's resignation and said that it is a matter of concern for all Indians.
Soon after the news of Patel's resignation as RBI chief came to light, various opposition parties strengthened up their antes against the Central government and held it responsible for the same. While Arvind Kejriwal-led AAP tweeted 'Told you so', Trinamool Congress (TMC) chief Mamata Banerjee called for an all-Opposition party meet to discuss the issue on Tuesday.