RBI says no basis to reports about Acharya quitting as Deputy Governor

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Patel's tenure was scheduled to end in September 2019.

Finance Minister Arun Jaitley Monday appreciated the service rendered by RBI Governor Urjit Patel saying it was a pleasure to deal with him and has benefitted from his scholarship. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor.

The historic tensions in government-central bank relations were reignited in October when, in a public lecture, RBI Deputy Governor Viral Acharya talked about the independence of the Reserve Bank, arguing that any compromise could be "potentially catastrophic" for the economy. "The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank's considerable accomplishments in recent years", Patel said in a short statement on the RBI website. "Essentially, dependent on the date of them being appointed".

Expressing sadness over RBI Governor Urjit Patel's resignation, former Prime Minister Manmohan Singh on Monday said Patel's sudden decision to demit office is a severe blow to the Indian economy.

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On the RBI board, with a majority of government nominees, the former CEA said: "I think that part of maintaining a real autonomy is not to politicise the board".

There was speculation a month ago that Patel might quit over the government pressure, but the rumours eased after the government and central bank reached an uneasy truce ahead of the RBI board meeting last month. Under his leadership, the RBI brought financial stability. He had informed Jaitley minutes before putting in his papers, the person said.

Veteran actor Anupam Kher's resignation from Film and Television Institute of India as chairman was another unexpected event. It is institutions such as the RBI, among many others, that have served as the edifice of our great nation's progress since independence. It was a bombshell, whose impact on the stock market is likely to be as telling as that of the results of the assembly elections in five states to be out on Tuesday. "The government's attack on RBI's autonomy led to RBI Governor Urjit Patel's exit", Gandhi said, according to CNBC-TV18. Experts of the central bank's history say that Rau resigned because of his differences with then Finance Minister TT Krishnamachari who allegedly upbraided Mr. Rau in front of the entire Cabinet. "He should at least stay till July, until the next government comes to power".