Urjit Patel: Was he one of the weakest or finest RBI governors ever?

The reticent former central bank governor sought to put the institution ahead of personality, yet his cryptic resignation letter spoke volumes about the RBI-government relationship

Urjit Patel’s sudden resignation from the Reserve Bank of India (RBI) may have come as a shocker to most, but the market reacted far more soberly than many had expected.

The Assembly election results may have played a role, but at least part of the reason was that rumours of his resignation had been circulating for over a month. But both Patel and the government, the protagonists in this particular drama, deserve some credit for the subdued market response too. The quick appointment of a successor bottled up some of the fizz. And so did the fact that Patel chose