On October 26, 2018, Viral Acharya, a deputy governor of the Reserve Bank of India, gave a public lecture in Mumbai on the independence of regulators. “Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets,” he said. Reports of tension between the bank and the government followed.
On December 10, 2018, the governor, Urjit Patel, resigned. His statement gave one reason: “On account of personal reasons, I have decided to step down from my current position effective immediately.”