This blog revisits the sudden resignation of Urjit Patel on 10 December as the governor of the Reserve Bank of India (RBI). Patel cited ‘personal reasons’ for his resignation, but it is widely acknowledged that he was unable to manage or withstand a rift with the government. Does this threaten the RBI’s autonomy and thus portend an uncertain future of a venerable institution? Or is the significance of central bank autonomy overrated, as some critics contend? Perhaps, as some have argued, Patel’s resignation is a reflection of his aptitude and characteristics as an individual rather than an existential struggle over the future of RBI.
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Reflections on development and governance 