Former governor of Reserve Bank of India, Urjit Patel quit the position of non-executive and independent director at packaged foods company Britannia Industries Ltd. He gave the reason behind his resignation to be a full-time work assignment beginning next month.
“It has been a pleasure to have been a part of the Board of the Company. Due to my new full-time work assignment starting next month, the attendant time constraint has compelled me to tender my resignation as an independent Director of Britannia Industries Ltd. from January 31, 2022,” Patel wrote in a letter that was shared on the exchanges late on Friday.
“I hereby confirm that there is no reason other than the one mentioned above for my resignation,” according to the letter released to the exchanges.
Patel was recently appointed as vice president for investment operations in South Asia at the Beijing-based Asian Infrastructure Investment Bank (AIIB), in the place of a former bureaucrat from Gujarat, D J Pandian. AIIB is a multilateral development bank that intends to boost economic and social developments in Asia. The bank presently has 104 members, comprising 17 prospective members from around the world.
The appointment of Patel will be operational from February 1, AIIB told in a statement. However, Patel who was the 24th governor of the Reserve Bank of India had abruptly resigned in December 2018 citing “personal reasons.”
