"On account of personal reasons, I have decided to step down from my current position effective immediately," Patel said in a statement on the RBI website after financial markets had closed. RBI Deputy Governor Viral Acharya said in a speech in October that undermining a central bank's autonomy could be "catastrophic", prompting a public dispute that added to the rift between the bank and government. The Modi government has stacked the RBI's 18-member board with its own nominees, in what critics say is a move to exert greater control over the central bank's regulatory powers. Patel's sudden resignation is expected to roil financial markets on Tuesday. Investors will be keen to know who is Patel's replacement and the direction of the central bank's financial and monetary policy, analysts said.

Source: bd News24 December 10, 2018 12:11 UTC