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'We'll miss Urjit Patel immensely': PM Modi

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New Delhi, Dec 10: Prime Minister Narendra Modi on Monday lauded Urjit Patel, who stepped down as the RBI Governor today, for steering the 'banking system from chaos to order', and said "We'll miss him immensely".

Patel earlier today stepped down as the Governor of the Reserve Bank of India, with immediate effect. In a statement, he said that he is stepping down due to personal reasons.

PM Modi

"Dr Urjit Patel is an economist of a very high caliber with a deep and insightful understanding of macroeconomic issues. He steered the banking system from chaos to order. He leaves behind a great legacy. We'll miss him immensely," PM Modi tweeted.

Even Finance Minister Arun Jaitley heaped praise on Patel and said the government acknowledges services rendered by him.

"Government acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor and Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service," Jaitley said.

The Congress lashed out at the government over RBI Governor's resignation and said Urjit Patel has been forced to quit.

"The manner in which RBI governor has been forced to quit is a blot on India's monetary and banking system. BJP Govt has unleashed a defacto financial emergency. The country's reputation and credibility is now at stake," news agency ANI quoted Congress leader Ahmed Patel as saying.

There was speculation for sometime about Patel quitting following differences between the RBI and the government. It began when RBI deputy governor, Viral Acharya delivered a speech in which he had spoken about the need to ensure independence of the central bank.

[Urjit Patel steps down as RBI governor with immediate effect][Urjit Patel steps down as RBI governor with immediate effect]

Over the past few months several contentious issues have cropped up between the RBI and the government. The main problem was when the government demanded that the RBI shell out more dividend from its reserves.

Further, the government officials on the RBI's board pushed for the relaxation of the promotion corrective action framework being used to nurse weak banks back to health. The government and the RBI were also at loggerheads over the suggestion to set up a payment regulator outside the purview of the RBI.

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