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RBI Governor Urjit Patel quits amid faceoff with Modi Govt, cites personal reasons

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[vc_row][vc_column][vc_column_text]Just under a month after the meeting with Reserve Bank of India (RBI) board of directors following a prolonged spat with Modi government, the central bank governor, Urjit Patel, resigned from his post, “effective immediately”, citing ‘personal reasons’.

Patel has become the first governor since 1990 to step down before the end of his term. Patel had taken over the reins of the RBI from Raghuram Rajan in September 2016 and his 3-year term was to continue till September 2019.

The sudden development comes after a spat with the government – barely resolved in a meeting of the board last month – 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.

On Nov 19, a RBI board meeting of more than nine hours in Mumbai ended on a conciliatory note, with the central bank agreeing to set up a panel on sharing surplus reserves, restructure loans of small businesses up to Rs. 25 crore and easing lending restrictions on some state-owned banks.

Resigning his post today, Patel said: “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years.”

“The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future,” the statement further added.

Speculation of Patel’s exit had gained steam after differences between the RBI and the government spilled out in the open following a hard-hitting speech by RBI Deputy Governor Viral Acharya, where he had stressed on the need to ensure the independence of the central bank. The speech was delivered with the backing of Patel, suggested the footnotes in Acharya’s speech.

The RBI and the government have been at loggerheads since October. According to reports, the Modi government was ramping up pressure on the bank on three key issues that included excess reserves in the bank which the government wanted for its purposes.

The RBI has an excess reserve of Rs. 3.6 lakh crore, which, the government reportedly wanted to use for development. The bank contended that keeping extra reserves are essential for possible emergencies or extraordinary situations.

Reacting to Patel’s announcement, the Congress tweeted, “Another one bites the dust. This is the result of the ‘chowkidar’s assault on democratic institutions.”[/vc_column_text][/vc_column][/vc_row]

India News

Punjab AAP leader Lucky Oberoi shot dead in daylight attack in Jalandhar

AAP leader Lucky Oberoi was killed in a daylight shooting in Punjab’s Jalandhar after attackers fired multiple bullets at him while he was inside his car.

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AAP LEADER Lucky oberoi

AAP leader Lucky Oberoi was shot dead in a broad daylight attack in Punjab’s Jalandhar on Friday after unidentified assailants opened fire at him near a gurdwara in the city.

According to initial information, Oberoi was inside his car near the Gurdwara Sahib in the Model Town area when attackers arrived on a two-wheeler and fired multiple rounds at him. Five bullets reportedly hit him during the attack.

He was rushed to a private hospital immediately after the shooting, but doctors declared him dead due to the severity of his injuries.

Attack near gurdwara, police launch investigation

As per preliminary details, Oberoi was parking his vehicle outside the gurdwara when the attackers struck. The shooting triggered panic in the area, prompting an immediate response from the local police.

A police team reached the spot soon after receiving information and has launched an investigation into the incident. Efforts are underway to identify the attackers and determine the motive behind the killing.

Political reactions after killing

Following the incident, Leader of Opposition in the Punjab Legislative Assembly, Partap Singh Bajwa, strongly criticised the state government, alleging a collapse of law and order in Punjab.

In a post on X, Bajwa said the daylight killing of an AAP leader outside a gurdwara reflected the deteriorating security situation in the state. He questioned the government’s ability to protect citizens, claiming that fear and gang violence were gripping Punjab under the current administration.

Background

Lucky Oberoi was associated with the Aam Aadmi Party in Punjab. His wife had earlier contested municipal elections as an AAP candidate but did not win.

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Pariksha Pe Charcha 2026: PM Modi to interact with students at 10 am today

PM Modi will address students across India at 10 am today as part of Pariksha Pe Charcha 2026, focusing on stress-free examinations and learning.

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Pariksha pe charcha

Prime Minister Narendra Modi will interact with students from across the country on Friday at 10 am as part of the annual Pariksha Pe Charcha (PPC) programme. The 2026 edition continues the initiative’s focus on reducing exam-related stress and encouraging students to prioritise learning over pressure.

In a message shared on X, the Prime Minister invited students, parents and teachers to watch Pariksha Pe Charcha 2026, noting that this year’s discussions will cover topics related to examinations, the importance of staying stress-free and maintaining focus on learning. He described the programme as a platform he enjoys, as it allows him to engage directly with young minds from different parts of the country.

Aligned with NEP 2020 vision

The Pariksha Pe Charcha initiative aligns with the National Education Policy 2020, which emphasises holistic development, mental well-being and a supportive learning environment. The programme seeks to transform how examinations are perceived by fostering confidence, positivity and celebrating the exam season as a learning festival rather than a source of anxiety.

According to an official release from the Ministry of Education, the Prime Minister has also shared his views on examinations and student well-being in his book Exam Warriors. Available in multiple languages as well as Braille, the book highlights the importance of self-belief and open conversations around stress so that children can enjoy a balanced and fulfilling childhood.

Student participation in pre-event activities

Conceptualised by the Prime Minister, Pariksha Pe Charcha introduces new and engaging elements every year. In the lead-up to the 2026 edition, several student-focused activities were organised across schools nationwide. These included the Swadeshi Sankalp Daud, a student-led run or walk promoting the spirit of self-reliance, along with quiz and writing competitions conducted at selected Kendriya Vidyalayas on Parakram Diwas.

The Ministry of Education stated that approximately 4.81 crore students participated in these pre-event activities, reflecting the scale and reach of the initiative.

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PM Modi accuses Congress of anti-Sikh bias over Rahul Gandhi’s ‘traitor’ remark

Prime Minister Narendra Modi accused Rahul Gandhi of targeting BJP MP Ravneet Singh Bittu with a ‘gaddar’ remark because of his Sikh identity while speaking in the Rajya Sabha.

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PM Modi

Prime Minister Narendra Modi on Wednesday launched a sharp attack on Leader of the Opposition Rahul Gandhi, alleging that his “traitor” remark against BJP MP Ravneet Singh Bittu reflected the Congress party’s animosity towards the Sikh community.

The Prime Minister made the remarks in the Rajya Sabha while replying to the motion of thanks on the President’s address. Referring to an incident in the Parliament complex a day earlier, Modi said Gandhi’s comment had crossed all limits of political decency.

The controversy stems from a protest by suspended Opposition MPs, during which Ravneet Singh Bittu — a former Congress leader who joined the BJP ahead of the 2024 Lok Sabha elections — allegedly made a remark suggesting the protesters were behaving as if they had won a war.

In response, Rahul Gandhi was heard saying, “A traitor is walking by, look at his face,” before approaching Bittu and extending his hand. Gandhi then reportedly added, “Hello, brother. My traitor friend. Don’t worry, you will come back.”

Bittu refused to shake hands with the Congress leader and instead described him as an “enemy of the country” before walking away from the scene.

While the Congress later clarified that Gandhi’s remark was aimed at Bittu for leaving the party, the BJP seized upon the comment, calling it an insult to the Sikh community. Protests were subsequently held by members of the Sikh community outside the Congress headquarters and at other locations.

Addressing the House, Prime Minister Modi said that many leaders had quit the Congress in the past and that the party itself had split multiple times, but none of those leaders had been labelled a traitor. “He called this MP a traitor because he is Sikh,” the Prime Minister alleged, as treasury bench members raised slogans condemning the remark.

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