News digest: Urjit Patel's exit, Mallya's extradition, car sales, and more

Urjit Patel quits as RBI governor 9 months before his term was to end

Reserve Bank of India (RBI) Governor Urjit Patel delivered a shocker on Monday by resigning, effective immediately, citing personal reasons. The 24th RBI governor resigned nine months before his term was to end. Patel’s abrupt resignation could impact the financial markets. Rating agency Moody’s said any attempt by the government to curtail the RBI’s independence would be credit negative.

If Patel resigned due to differences with the government, as is suspected, he would be second only to Benegal Rama Rau to do so before expiry of term due