Announcement On Urjit Patel's Successor Likely Soon: Finance Secretary
Urjit Patel stepped down as RBI governor on Monday He is 1st governor since 1990 to step down before his term ends It is expected that Friday's RBI board meeting may be deferred
The government is likely to make an announcement regarding the next Reserve Bank of India governor later in the day, Finance Secretary AN Jha said.
Urjit Patel stepped down as governor of the Reserve Bank of India with immediate effect on Monday.
Mr Patel, who is the first governor since 1990 to step down before his term ends, cited "personal reasons" for the decision in a brief statement.
The decision to quit comes four days ahead of a crucial meeting of the board of the central bank that could have discussed issues of simmering differences with the government.
It is expected that the board meeting may be deferred as there is no regular governor.
Speaking to reporters, Mr Jha said that some communication from the government on the RBI is expected.
Mr Patel's three-year term was to end in September 2019, and he was eligible for a second term like most of his successors, barring a few like his outspoken predecessor Raghuram Rajan.
A Kenyan national who acquired an Indian citizenship prior to being appointed deputy governor of the RBI in January 2013, Oxford-trained Mr Patel was initially seen as toeing government line after he backed the November 2016 shock decision to overnight junk 86 per cent of the currency in circulation.