<p class="title">The government is likely to make an announcement regarding Urjit Patel's successor as Reserve Bank of India's Governor later in the day, Finance Secretary A N Jha said.</p>.<p class="bodytext">RBI has been rendered headless following Patel's unexpected resignation, with immediate effect, Monday.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">It is expected that the board meeting may be deferred as there is no regular governor.</p>.<p class="bodytext">Speaking to reporters, Jha said, some communication from the government on RBI is expected.</p>.<p class="bodytext">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.</p>.<p class="bodytext">A Kenyan national who acquired an Indian citizenship prior to being appointed Deputy Governor of RBI in January 2013, Oxford-trained Patel was initially seen as toeing government line after he backed the November 2016 shock decision to overnight junk 86 per cent of the currency in circulation. </p>
<p class="title">The government is likely to make an announcement regarding Urjit Patel's successor as Reserve Bank of India's Governor later in the day, Finance Secretary A N Jha said.</p>.<p class="bodytext">RBI has been rendered headless following Patel's unexpected resignation, with immediate effect, Monday.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">It is expected that the board meeting may be deferred as there is no regular governor.</p>.<p class="bodytext">Speaking to reporters, Jha said, some communication from the government on RBI is expected.</p>.<p class="bodytext">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.</p>.<p class="bodytext">A Kenyan national who acquired an Indian citizenship prior to being appointed Deputy Governor of RBI in January 2013, Oxford-trained Patel was initially seen as toeing government line after he backed the November 2016 shock decision to overnight junk 86 per cent of the currency in circulation. </p>