Urjit Patel Resigns as RBI Governer

In a sudden developent, Reserve Bank of India's (RBI) Urjit Patel has decided to quit from his post 'with immediate effect'. This comes as a shock as it is the shortest tenure of an RBI governor.

Although Patel says his exit is due to personal reasons, but there has been a running feud between the RBI and the government over recent months, especially as the Patel led MPC has refused to cut interest rates. Government says it needs the RBI to play along as tight monetary policy will hurt economic growth.

Currently both RBI and government are in public dispute, where the central bank's independence is being fought over.