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(Image Credit- IANS) <ul><li><keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword>, the governor of the Reserve Bank of India, has resigned from his post on the central bank’s board. </li><li>Reactions from officials range from ‘I told you so’ to commending the governor’s tenure in office. </li></ul>Twitter exploded with reactions within minutes of Urjit Patel, the governor of the Reserve Bank of India (RBI), announcing his resignation from his post on the board, citing ‘personal reasons’. Urjit Patel had earlier threatened to resign from the RBI with the widening rift between the government and the Reserve Bank of India — especially over the question of the central bank’s autonomy — it was reported that both parties had ultimately reached a ‘truce’. While some had speculated that the governor would resign, nobody had the exact date on their cards and the decision rolled in a little earlier than expected. With the general elections around the corner, reactions from politicians and fellow academicians flew in — ranging from support over Patel’s decision to how the current government is creating a hostile environment that’s not conducive for efficient decision-making. <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>: ‘Urjit Patel leaves a great legacy, under his leadership, the RBI brought financial stability’ 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/718314968102367232/ypY1GPCQ_normal.jpg" favoritecount="10119" retweetcount="2356" status="Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic is… https://t.co/DyZUxKIXPv" createdat="1544444710000" id="1072104938908508161"></div>



















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 <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>: ‘Wish Dr. Patel all the very best’ 
 
 
 
 
 
 
 
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 Congress: ‘Another one bites the dust’ 
 
 
 
 
 
 
 
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 Subramanian Swamy: ‘It is a direct consequence of FM blaming him publicly yesterday for NPAs.’ 
 
 
 
 
 
 
 
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 AAP: ‘Demonetisation was just a move to benefit cronies.’ 
 
 
 
 
 
 
 
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 P. <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword>: ‘Saddened, not surprised’ 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">Reserve Bank Of India Governor Urjit Patel Resigns Citing ‘Personal Reasons’</a> <a href="https://www.businessinsider.in/question-of-autonomy-as-the-indian-government-tries-to-strong-arm-the-countrys-central-bank-its-governor-threatens-to-resign/articleshow/66446649.cms">Question of autonomy — As the Indian government tries to strong arm the country’s central bank, its governor threatens to resign</a> <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a>

Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India

(Photo source: IANS) <ul><li>The Governor of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), <keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword>, just resigned from his post citing ‘personal reasons’.</li><li>This comes at a time when <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>'s central bank and its government have been at odds about how much autonomy the RBI should have.</li><li>This is a surprise turn of events, even for those who expected his resignation, as it has come much earlier than speculated. </li></ul>In a surprise move, the governor of the Reserve Bank of India, Urjit Patel, has stepped down from his role citing ‘personal reasons.’ His resignation has been speculated in the past few months in the wake of a much-publicised discord between the Indian government and the central bank. Here’s the full statement by Patel: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="ExtQuote" text="“On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”" auname="Urjit R. Patel, 10th December 2018"></div>







































 The rift between the government and India’s central banking institution has been widening over the issue of how much autonomy the bank should have. The Indian government wanted to loosen the restrictions that RBI had placed on banks in the wake of their rising non-performing assets (NPAs) as well as gain access to the RBI’s surplus reserves. Urjit Patel was appointed as the governor of the RBI on 4 September 2016 after Raghuram Rajan resigned from his post on 19 June earlier that same year. Under his tenure, the Indian economy underwent the exercise of demonetisation where 85 percent of the country’s currency was pulled from circulation. Under normal circumstances, Urjit Patel’s term would have lasted till September 2019, but with this announcement, his resignation is effective immediately. 
 
 
 
 
 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/twitter-erupts-with-reactions-on-urjit-patels-resignation-from-the-reserve-bank-of-india/articleshow/67028029.cms">Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India</a> <a href="https://www.businessinsider.in/question-of-autonomy-as-the-indian-government-tries-to-strong-arm-the-countrys-central-bank-its-governor-threatens-to-resign/articleshow/66446649.cms">Question of autonomy — As the Indian government tries to strong arm the country’s central bank, its governor threatens to resign</a> <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a>

Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’

<ul><li>The governor to <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s central bank resigned on 10 December 2018 citing ‘personal reasons’.</li><li>There were reports that the RBI and the Indian government had reached a consensus or a ‘truce’ between their objectives. </li><li>While politicians and academicians in the country have different views on ‘why’ <keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> took such a drastic step, we can track a course of events leading up to this development.</li></ul> Urjit Patel resigned from his position as the governor of the Reserve Bank of India, the country’s central bank on Monday, leaving in its wake several questions about its timing and the potential impact of the decision on the country's economy. 
	<div type="twitter" handle="PChidambaram_IN" handlename="P. Chidambaram" image="http://pbs.twimg.com/profile_images/603422412785328128/9Y6OuwJM_normal.jpg" favoritecount="5297" retweetcount="1489" status="Saddened, not surprised, by Dr Urjit Patel's resignation. No self respecting scholar or academic can work in this government." createdat="1544446634000" id="1072113008996839424"></div>



 Patel cited ‘personal reasons’ behind the resignation but considering the recent animosity between the central bank and the Indian government, it’s not unreasonable to assume that the governor of the RBI and the ruling party had serious differences on the functioning of the RBI. In the days leading up to his resignation, while nothing was said explicitly, there was open speculation that Patel may walk since the RBI and the Bharatiya Janata Party (BJP) did not see eye-to-eye on issues of non-performing assets, credit-flow to small and medium enterprises, as well as the central bank's autonomy and the demand from the government that RBI should part with its surplus capital--a controversial move that raised concerns about the government’s intentions given its ongoing struggle to meet its fiscal deficit targets. Here’s everything that led up to Patel resigning from the RBI, India’s central bank.

Urjit Patel’s tough love to stabilise the Indian economy and the eventual face off with the government — here’s how it happened

New Delhi, Jun 19 () Former Reserve Bank governor Urjit Patel will take charge as chairman of the National Institute of Public Finance and Policy (NIPFP) from June 22, the economic think tank said on Friday.       Patel will replace Vijay Kelkar, who assumed office on November 1, 2014       "National Institute of Public Finance and Policy is privileged to have Dr. Urjit Patel, former Reserve Bank Governor, as its Chairperson for a four-year term commencing June 22, 2020," the economic think tank said in a statement.        Patel on December 10, 2018, had unexpectedly resigned four days ahead of a crucial meeting of the board of the central bank that could have discussed issues of simmering differences with the government.          Patel's three-year term was to end in September 2019 and he was eligible for a second term like most of his successors barring a few like his outspoken predecessor Raghuram Rajan. "NIPFP records its deep sense of appreciation and gratitude for the significant contributions made by the outgoing Chairman, Dr. Vijay Laxman Kelkar during his tenure which has immensely helped the institute towards scaling to its present level of growth and effectiveness," it added. BKS MR MR

Former RBI Guv Urjit Patel named NIPFP chairman

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Danish SiddiquiThe Reserve Bank of India (RBI) Governor Urjit Patel speaks during a news conference after the bi-monthly monetary policy review in Mumbai, India.</div></div></div><ul><li>Urjit Patel, the head of India's central bank has resigned for "personal reasons."</li><li>His departure comes five days after the Indian government invoked special powers that would give it more say on some aspects of monetary policy. </li><li><a href="https://markets.businessinsider.com/currencies/usd-inr">Watch the Indian rupee trade live</a>.</li></ul>The head of the Reserve Bank of India has resigned for "personal reasons," according to a statement put out by the central bank on Monday morning."On account of personal reasons, I have decided to step down from my current position effective immediately," Urjit Patel said in a <a href="https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=3606">press release</a>."It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank's considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future."Patel's resignation comes just five days after the Indian government announced it was invoking the never-before-used special powers under Section 7 of the RBI Act, which allows it consult on things like the central bank's capital reserves and liquidity problem in non-banking financial companies, according to the Indian business publication <a href="https://www.financialexpress.com/economy/urjit-patel-resigns-as-rbi-governor-cites-personal-reasons/1409366/">The Financial Express</a>.Patel was <a href="https://www.businessinsider.com/the-reserve-bank-of-india-has-a-new-governor-2016-8">named head of India's central bank</a> in August 2016, following <a href="https://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">the departure of Raghuram Rajan</a>, who returned to academia. The <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> was down 0.75% at 71.3375 per dollar. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/things-you-shouldnt-buy-on-black-friday-2016-11">7 things you shouldn't buy on Black Friday</a></h3> <div> </div> </div>

The head of India's central bank steps down for 'personal reasons'

For the first time, the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>), country’s apex bank, is looking for a deputy governor from the private sector. The RBI has issued an advertisement for the post, which is open for all. Present deputy governor <keyword id="816322" type="UNKNOWN" weightage="100" keywordseo="ss-mundra">SS Mundra</keyword>'s term ends in July this year, after which the post would be vacant. The advertisement has been published in newspapers as well as on the RBI website. To apply, a candidate needs to be less than 60 years of age (can be relaxed in certain cases), with over 15 years of experience in banking and financial market operations. (S)he must also have held the positions of whole-time director or board member. Fixed for three years, the role would offer a pay scale of Rs 2,25,000 per month. Traditionally, RBI has been appointing four deputy governors; two from within the central bank, one economist generally from the government, and the other from the public banking sector. The ad however doesn’t specify whether the candidate has to be from public sector or can be from private sector as well.

This could be your chance to assist Urjit Patel

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> gets a little over Rs 2 lakh as salary and has not been provided with any supporting staff at his residence, the central bank has told an agency. 
 <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword>, who took over as RBI Governor in September, is presently in possession of the bank's flat (Deputy Governor's flat) at Mumbai, it said. "No suppo<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">rti</keyword>ng staff has been provided to the present Governor, Urjit Patel at his residence. Two cars and two drivers have been provided to the present Governor," RBI said in reply to an RTI query. 
 The bank was asked to provide details of remuneration given to former RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> and incumbent Patel. 
 For the month of October -- the first full month Patel was in office as Governor -- Patel got Rs 2.09 lakh as his salary, the same amount drawn by <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> as his August's salary. Rajan demitted office on September 4, and was given Rs 27,933 as remuneration for four days. 
 
Rajan assumed the charge of RBI Governor from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was hiked to Rs 2.09 lakh from Rs 2.04 lakh in January this year, the RTI reply said. 
 
Rajan was provided with three cars and four drivers. "One caretaker and nine maintenance attendants were posted as supporting staff in the bungalow provided by the bank to the former Governor Raghuram Rajan at Mumbai," RBI said. 
 
The Centre has recently declined to share details on appointment of Patel and other candidates shortlisted for the top post in the central bank saying these are "cabinet papers" and cannot be made public. 
 
Patel was on August 20 named as RBI's Governor to succeed Rajan.

Here’s the monthly
salary of RBI governor Urjit Patel

Government has appointed three academics as members of interest-rate setting <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> - Indian Statistical Institute professor <keyword id="6638266" type="UNKNOWN" weightage="20" keywordseo="Chetan-Ghate">Chetan Ghate</keyword>, Delhi School of Economics director <keyword id="3678398" type="PERSON" weightage="20" keywordseo="Pami-Dua">Pami Dua</keyword> and Ravindra H Dholakia of IIM-Ahmedabad. 
 
The three experts have been appointed for a period of four years. We will tell you all about the three academicians in a slideshow below, but before that here’s a little bit about the other members who will be a part of the committee. 
 The other three members will come from the Reserve Bank of India and will include <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword>, Deputy Governor R. Gandhi, who is in charge of the monetary policy, and Executive Director Michael Patra. Urjit Patel will have a casting vote in case of a tie in the six-member committee. 
 
Setting up of the panel will bring about a landmark change to how central bank decisions are made in the country. It represents a marked change to monetary policy, which was previously decided solely by the RBI Governor. Instead, the Monetary Policy Committee will now strive to ensure that the inflation target decided by the government and the central bank is met. The RBI has the mandate to contain retail inflation within a band of 4%, plus or minus 2 percentage points. 
 
The MPC is slated to sit for its first monetary policy review on 4 October. 
 
Now, more about the academicians who will be deciding the Monetary Policy of India:

These 3 Professors are in the team that will decide India's Monetary Policy

(Image source- IANS) <ul><li>The Indian cabinet has appointed Shaktikanta Das, a member of the finance commission and former secretary of the economic affairs, as the new governor of the Reserve Bank of India. </li><li>Das’s appointment has been cleared for a three-year tenure by the Prime Minister’s Cabinet. He was tasked with overseeing and implementing the government’s demonetisation initiative in November 2016. </li><li>By appointing a loyalist, the Indian government has shown that it intends to continue to have a say in the operation of the <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>. </li></ul>It had barely been a day since the <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">resignation of Urjit Patel</a>, the former governor of the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), before the Indian government appointed his replacement. Shaktikanta Das, a member of the finance commission and former secretary of the economic affairs, was named as the new governor on Tuesday evening. The swiftness of the move is likely due to the fact that Das was said to be in the running after Patel’s predecessor, Raghuram Rajan, left the job in September 2016. A favoured pick of the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration, Das announced his new position on Twitter on Wednesday. His appointment has been cleared for a three-year tenure by the Prime Minister’s Cabinet. It comes a few days before the RBI’s board meeting on 14 December. 
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 The decision indicates where the central government stands on the issue of the RBI’s <a href="https://www.businessinsider.in/the-resignation-of-the-governor-of-indias-central-bank-sends-a-clear-indication-about-the-erosion-of-institutional-autonomy-under-the-modi-administration/articleshow/67040287.cms">independence</a> when it comes to decision making. By appointing a loyalist, it intends to continue to have a huge say in the operation of the central bank. It’s not unreasonable to expect a loosening of the Prompt Corrective Action (PCA) framework or bigger handouts to small businesses and greater liquidity support shadow lenders in the near term. Das, an IAS officer from the batch of 1980, has a significant track record when it comes to working with the central bank and his appointment will likely appease investors hoping for policy continuity. In contrast, ratings agencies like <a href="https://www.financialexpress.com/economy/any-attempt-by-govt-to-curtail-rbis-independence-credit-negative-moodys/1409581/">Moody’s</a> that prioritise central bank <keyword id="6360057" type="UNKNOWN" weightage="20" keywordseo="independence">independence</keyword> might be wary as Das is expected to a facilitate a very direct line of communication between the RBI and central government. In addition to shepherding the Insolvency and Bankruptcy Code to fruition, Das had a huge role in establishing the six-member Monetary Policy Committee, which sets interest rates, and making the central bank move towards an inflation-targeting strategy. However, Das is also the man who was tasked with overseeing and implementing the government’s demonetisation initiative in November 2016, as well as the Goods and Services Tax (GST) the following year. In fact, he even suggested rather controversially that people be <a href="https://in.reuters.com/article/us-india-modi-corruption-idINKBN13A0L6">inked</a> to prevent them from exchanging notes multiple times and has routinely <a href="https://scroll.in/latest/830506/demonetisation-benefits-will-be-clear-from-april-says-shaktikanta-das">undermined</a> the negative impacts of demonetisation. While the success of the GST so far could still warrant a debate, the demonetisation initiative has been universally derided. <keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/view-by-a-99-3-verdict-indias-cash-ban-was-a-farce/articleshow/65606254.cms">critical</a> of the Modi administration’s decision to take 86% of the country’s currency by value out of circulation. Raghuram Rajan echoed <a href="https://www.livemint.com/Politics/nr6wI4saRptCzldQYlvdxN/Demonetisation-was-not-a-good-idea-Raghuram-Rajan.html">similar sentiments</a>. The move led to unnecessary struggles for small businesses and workers in the informal sector. It also hit rural demand and disrupted supply chains. SEE ALSO: <a href="https://www.businessinsider.in/the-resignation-of-the-governor-of-indias-central-bank-sends-a-clear-indication-about-the-erosion-of-institutional-autonomy-under-the-modi-administration/articleshow/67040287.cms">The resignation of the governor of India’s central bank sends a clear indication about the erosion of institutional autonomy under the Modi administration</a> <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’</a> <a href="https://www.businessinsider.in/one-and-a-half-years-after-demonetisation-indians-are-hoarding-cash-again/articleshow/64542026.cms">One and a half years after demonetisation, Indians are hoarding cash again</a>

The Indian government just appointed the man who oversaw one of its most controversial economic policies as the new head of the central bank

<keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> has been appointed the next Reserve Bank of India Governor. 52 year Patel was the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Deputy Governor prior to this elevation. Notably, <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>'s term is ending in September. 
 
Patel (born 28 October 1963) is an eminent economist, consultant and banker. He was also Advisor of the Boston Consulting Group. 
 
As Deputy Governor of RBI, Dr Patel looked after Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.

Urjit R Patel to replace Raghuram Rajan as the New RBI Governor

Urjit Patel resigns as governor of RBI, India's central bank

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies. Here are the top departures that left the country in surprise: 1. <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> <div type="image" title="Urjit patel" tempid="286964" msid="67322946" hostid="261"></div>
 In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government. While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das. 2. <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> <div type="image" title="Arvind" tempid="286980" msid="67322947" hostid="261"></div>

(Image Credits- IANS) India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was <a href="https://www.businessinsider.in/indian-government-appoints-krishnamurthy-subramanian-as-its-new-chief-economic-advisor/articleshow/66987414.cms">appointed</a> as the new CEA after the post was left vacant for nearly six months. Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ <a href="https://www.businessinsider.in/demonetisation-was-a-massive-draconian-monetary-shock-says-narendra-modi-governments-former-chief-economic-advisor-arvind-subramanian/articleshow/66860962.cms">commented</a> on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy. 3. <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> <div type="image" title="binny-bansal1" msid="67322928" hostid="261"></div>

(Image Credits-Wikimedia.org) Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-former-flipkart-executive-to-launch-new-startup/articleshow/67085632.cms">reported</a>. 4. M.J Akbar <div type="image" title="907c8b2772a84537d8c711eba43627b2" tempid="287008" msid="67322948" hostid="261"></div>
 (Image Credits-IANS) The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, <a href="https://www.businessinsider.in/too-little-too-late-indian-government-reacts-to-metoo-by-forming-a-panel-to-review-sexual-harassment-laws/articleshow/66347468.cms">to put down his papers days </a>after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry. 5. <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> <div type="image" title="ananth-narayan" tempid="287014" msid="67322949" hostid="261"></div>
 Myntra’s Chief Executive Officer (CEO), Ananth Narayanan,<a href="https://www.businessinsider.in/myntra-is-in-the-middle-of-a-management-shakeup-after-key-leaders-resign-in-succession/articleshow/67043730.cms"> stepped down</a> from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart. Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company. 6. Chanda Kochhar 
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In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">scandal</a> that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group. 7. <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> 
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The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">resigned</a>, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.

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Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India

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Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’

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Former RBI Guv Urjit Patel named NIPFP chairman

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The head of India's central bank steps down for 'personal reasons'

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Here’s the monthly salary of RBI governor Urjit Patel

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The Indian government just appointed the man who oversaw one of its most controversial economic policies as the new head of the central bank

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Urjit Patel resigns as governor of RBI, India's central bank

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BI India Bureau

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