A day before the results of 5 state Assembly elections, Narendra Modi-led BJP has received a big shocker. Reserve Bank Of India Governor Urjit Patel has stepped down. Urjit has offered to quit the top post of the country’s biggest bank. Urjit has claimed that he is resigning due to personal reasons.
“On account of personal reasons, I have decided to step down from my current position effective immediately,” wrote Urjit Patel.
Although Urjit claimed as personal reasons for the resignation, it is well-known that there have been differences between the RBI and Union Government from a while over various issues like Liquidity, Credit Flow and Controling of Weak Banks.
Meanwhile, Sensex has plunged 714 points today while Nifty slumped below 10500. As exit polls are favouring Congress in most states, this has resulted in the crashing of markets. Urjit’s resignation as RBI Governor is now adding to the market’s crash.
