With RBI Governor Urjit Patel <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">putting in his papers</a>, his immediate predecessor Raghuram Rajan Monday said "all Indians" should be concerned as strength of institutions is important for growth and development.

Patel, who faced the possibility of an unprecedented action from the government over differences on a variety of issues, resigned from his job, citing personal reasons.

"I think Dr Patel has made a statement and I think this is the ultimate statement that a regulator or a civil servant can make. I think the statement should be respected," Rajan told news channel ET Now.

Also read: <a href="http://www.wionews.com/india-news/nda-brings-to-book-an-offender-benefited-during-upa-arun-jaitley-on-uk-court-clearing-mallyas-extradition-182978">Great day for India, says Arun Jaitley</a>

"We should" go into the details as to why there was impasse&nbsp;which forced this ultimate decision, he noted.

"I think&nbsp;this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan, who completed his three-year term as RBI Governor in September 2016.

With regard to powers of the RBI Board, Rajan said there is "an extreme" change in the nature of the governance of the Reserve Bank of India for the "board to become an operational board, that is to make operational decisions".

During his tenure, Rajan had differences with the government and did not get an extension.

Earlier, the board was an advisory and the professionals from the central bank took decisions, Rajan said, apparently referring to recent appointments of RSS ideologue S&nbsp; 
Gurumurthy and cooperative banking sector expert S K Marathe to the board.

"I think, the move towards giving the board more operational authority would impinge on the professional management to regulate and supervise (the bank)... And if that is to be the case then the board should be composed of professionals, as opposed to the larger public," Rajan opined.

Patel's resignation was being speculated right from the time the government cited a never-before-used provision of the RBI Act to get him to consider its views on relaxing lending norms for segments such as small and medium enterprises, appropriate size of reserves the central bank must maintain and easing norms for weak banks.

Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.&nbsp;

With RBI Governor Urjit Patel putting in his papers, his immediate predecessor Raghuram Rajan Monday said "all Indians" should be concerned as strength of institutions is important for growth and development.

With RBI Governor Urjit Patel putting in his papers, his immediate predecessor Raghuram Rajan Monday said "all Indians" should be concerned as strength of institutions is important for growth and development. Patel, who faced the possibility of an unprecedented action from the government over differences on a variety of issues, resigned from his job, citing personal reasons. "I think Dr Patel has made a statement and I think this is the ultimate statement that a regulator or a civil servant can make. I think the statement should be respected," Rajan told news channel ET Now. Also read: Great day for India, says Arun Jaitley "We should" go into the details as to why there was impasse which forced this ultimate decision, he noted. "I think this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan, who completed his three-year term as RBI Governor in September 2016. With regard to powers of the RBI Board, Rajan said there is "an extreme" change in the nature of the governance of the Reserve Bank of India for the "board to become an operational board, that is to make operational decisions". During his tenure, Rajan had differences with the government and did not get an extension. Earlier, the board was an advisory and the professionals from the central bank took decisions, Rajan said, apparently referring to recent appointments of RSS ideologue S Gurumurthy and cooperative banking sector expert S K Marathe to the board. "I think, the move towards giving the board more operational authority would impinge on the professional management to regulate and supervise (the bank)... And if that is to be the case then the board should be composed of professionals, as opposed to the larger public," Rajan opined. Patel's resignation was being speculated right from the time the government cited a never-before-used provision of the RBI Act to get him to consider its views on relaxing lending norms for segments such as small and medium enterprises, appropriate size of reserves the central bank must maintain and easing norms for weak banks. Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.

All Indians should be concerned: Raghuram Rajan on Urjit Patel's resignation

<a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">RBI Governor Urjit Patel resigns, says it's for 'personal reasons'</a>

RBI Governor Urjit Patel has resigned, saying he was doing so for "personal reasons".&nbsp;

"On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," Patel said in a statement.&nbsp;

Pointedly, he did not mention the finance ministry or the government in his statement.&nbsp;

 
<a href="http://www.wionews.com/india-news/legal-team-will-take-proper-steps-over-whatever-judgement-is-pronounced-mallya-182872">UK court orders Vijay Mallya's extradition to India, CBI says 'we welcome the verdict'</a>

UK's Westminster Magistrates' Court on Monday ordered liquor baron Vijay Mallya's extradition to India.

According to reports, Mallya has 14 days to appeal his extradition in the High Court.&nbsp;

 
<a href="http://www.wionews.com/south-asia/pakistan-will-continue-to-lend-full-support-to-people-of-kashmir-imran-khan-182917">Pakistan will continue to lend full support to people of Kashmir: Imran Khan</a>

Pakistan would continue to lend full diplomatic, political and moral support to the people of Jammu and Kashmir, Prime Minister Imran Khan said Monday.&nbsp;

Khan's remarks came in a message on the Human Rights Day which is observed every year on December 10.

 
<a href="http://www.wionews.com/india-news/had-bitter-experience-tried-putting-forth-my-words-while-in-nda-rlsp-chief-upendra-kushwaha-quits-as-union-minister-pulls-out-from-nda-182866">'Bihar is still where it was,' RLSP chief Upendra Kushwaha says after pulling out of NDA</a>

RLSP Chief Upendra Kushwaha quit as union minister on Monday and stated that his party will no longer be a part of the National Democratic Alliance.&nbsp;

The minister stated that he has had a "bitter experience" with the BJP, adding that Bihar Chief Minister Nitish Kumar "has done injustice to people of all fronts".&nbsp;

 
<a href="http://www.wionews.com/world/eu-insists-will-not-renegotiate-brexit-deal-182934">EU says it will not renegotiate Brexit deal</a>

The EU has already offered Britain the "best and only possible" Brexit divorce deal and will not renegotiate it, the European Commission warned Monday on the eve of a vote in the British parliament.

"Our position has not changed and as far as we're concerned the United Kingdom is leaving the European Union on the 29th of March 2019," spokeswoman Mina Andreeva told reporters.

RBI Governor Urjit Patel resigns, says it's for 'personal reasons' RBI Governor Urjit Patel has resigned, saying he was doing so for "personal reasons". "On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately.

RBI Governor Urjit Patel resigns, says it's for 'personal reasons' RBI Governor Urjit Patel has resigned, saying he was doing so for "personal reasons". "On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," Patel said in a statement. Pointedly, he did not mention the finance ministry or the government in his statement. UK court orders Vijay Mallya's extradition to India, CBI says 'we welcome the verdict' UK's Westminster Magistrates' Court on Monday ordered liquor baron Vijay Mallya's extradition to India. According to reports, Mallya has 14 days to appeal his extradition in the High Court. Pakistan will continue to lend full support to people of Kashmir: Imran Khan Pakistan would continue to lend full diplomatic, political and moral support to the people of Jammu and Kashmir, Prime Minister Imran Khan said Monday. Khan's remarks came in a message on the Human Rights Day which is observed every year on December 10. 'Bihar is still where it was,' RLSP chief Upendra Kushwaha says after pulling out of NDA RLSP Chief Upendra Kushwaha quit as union minister on Monday and stated that his party will no longer be a part of the National Democratic Alliance. The minister stated that he has had a "bitter experience" with the BJP, adding that Bihar Chief Minister Nitish Kumar "has done injustice to people of all fronts". EU says it will not renegotiate Brexit deal The EU has already offered Britain the "best and only possible" Brexit divorce deal and will not renegotiate it, the European Commission warned Monday on the eve of a vote in the British parliament. "Our position has not changed and as far as we're concerned the United Kingdom is leaving the European Union on the 29th of March 2019," spokeswoman Mina Andreeva told reporters.

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All Indians should be concerned: Raghuram Rajan on Urjit Patel's resignation

News brief: Big stories of the day