Shaktikanta Das named new RBI Governor

New Delhi: The Appointments Committee of the Cabinet on Tuesday named Shaktikanta Das as the next governor of the Reserve Bank of India on Tuesday, replacing Urjit Patel who resigned abruptly on Monday.

Das, a former secretary at India's department of economic affairs, was appointed governor for a period of three years.

Patel, who is the first governor since 1990 to step down before his term ends, in a brief statement, cited "personal reasons" for the decision.

The decision to quit comes 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.

The government and the RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.