Urjit Patel: India's central bank governor resigns

Urjit Patel: India's central bank governor resigns
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NEW DELHI: India's central bank governor Urjit Patel has resigned amid reports of a rift between the bank and Modi government.

Correspondents say the move is likely to undermine confidence in the economy and cause the rupee to fall.

Reports say the government also wants to access central banks surplus reserves to stimulate the economy with a big public spending spree to woo voters before the elections.

Indian analyst Sameer Hashmi says Mr Patel's resignation will make investors jittery,  especially as it comes at a time when India's economic growth is slowing.

APP

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