HIGHLIGHTS
- Urjit Patel said he resigned because of personal reasons
- Opposition said Modi govt's interference in RBI forced him to resign
- Experts say market may become volatile in coming days
Monday, December 10 was expected to be a non-happening day as all the happenings were expected to happen on December 11, when assembly election results of Madhya Pradesh, Rajasthan, Chhattisgarh, Telangana and Mizoram will be announced. But Monday had its own plans. With the resignation of Reserve Bank of India (RBI) Governor Urjit Patel, the Narendra Modi government suffered a massive unsuspecting blow. The Opposition took no time in using it to strengthen its ammunition against PM Modi. Comments, reactions and criticism flew thick and fast from party chiefs, chief ministers, and market experts through the evening.
Here is all that happened on Monday in 10 simple points:
1) RBI Governor Urjit Patel resigned from his post after a long-draw battle of disagreements with the central government. In his short resignation letter, Patel did not write anything critical of the government and said his decision to resign was a personal one.
2) Analysts on the other hand said this decision was taken because the Modi government for long had been trying to pressure the RBI to ease its lending norms and other policies.
3) Media reports in November has said that Urjit Patel had a meeting with PM Modi and discussed the various points of friction between the central bank and the Prime Minister’s Office. It was learnt that a middle ground had been agreed. But Patel’s sudden resignation
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