Rift with Govt impacting his health, RBI governor could resign on Nov 19 : report

Reserve Bank of India (RBI) Governor Urjit Patel could resign at the central bank’s next board meeting on November 19, online leading financial publication reported on Wednesday, citing sources in touch with the governor.

The government and the RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of PM Modi seeks to reduce curbs on lending and to gain access to the RBI’s surplus reserves.

The rift worsened late last month when one of the bank’s deputy governors said in a speech that undermining central bank independence could be “potentially catastrophic”.

Patel will resign at the RBI’s next meeting, saying he was tired of the struggle with the government, and it was having a negative impact on his health.

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