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The Last Days of a Central Banker Under Fire in Modi's India

  • RBI’s Patel faced fierce resistance to banking system reform
  • Reclusive banker was no match for sharp-elbowed Modi allies
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In the end, India’s vanquished central banker left with scarcely a whimper, even neglecting to give his closest colleagues a heads-up of his early exit from the national stage.

Reserve Bank of India Governor Urjit Patel announced his resignation on Dec. 10, citing personal reasons. The surprise departure by Patel, who still had 9 months left in his three-year term, startled colleagues inside the central bank’s 25-floor headquarters on Mint Street in south Mumbai. One senior official told a reporter that he received the shocking news from the public press release.