Patel's exit bad for economy; appeal PM to dissuade from leaving RBI: Swamy

Bharatiya Janata Party (BJP) leader Subramanian Swamy has raised concern over the resignation of the RBI Governor Urjit R. Patel on Monday while asserting that it will be bad for the Indian economy.

Commenting on the abrupt resignation of Patel, about 10 months before the end of his tenure, Swamy said: "His resignation will be bad for our economy, RBI and the Government. He should at least stay till July until the next government comes to power. Prime Minister (Narendra) Modi should call him and find out the reason and dissuade him from leaving in the larger public interest."

RBI central board member S Gurumurthy also expressed surprise over the sudden resignation of Patel and said, "Surprised at the news that RBI Governor has resigned. The previous meeting was held in such a cordial atmosphere that it comes as a shock. All directors said media had created a wrong perception while inside it was different. That makes it even more surprising."

Patel in his resignation cited personal reasons, saying: "On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. 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. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future".

Patel was India's 24th RBI Governor and was appointed for a term of three years starting September 4, 2016.