The Congress dubbed RBI Governor Urjit Patel's resignation as a "blot" on India's monetary and banking system, alleging that he was forced to quit. Further, the party called it an “assault on democratic institutions.”
Congress spokesperson Randeep Singh Surjewala claimed that the NDA government "denigrated" another institution and that his exit was the result of attempts to stifle RBI's independence.
Patel, who had a run in with the government over autonomy of the central bank, Monday resigned from his post.
In a brief statement, Patel said he has decided to step down with immediate effect. He, however, did not specify the reason for the decision.
"The manner in which the RBI governor has been forced to quit is a blot on India's monetary and banking system. BJP government has unleashed a defacto financial emergency. The country's reputation and credibility is now at stake," senior Congress leader Ahmed Patel said.
The party, in a tweet, said, “Another one bites the dust. This is the result of our 'chowkidar's' assault on democratic institutions - RBI Governor, Urjit Patel steps down.”
Reacting to the resignation, Finance Minister Arun Jaitley said in a tweet, "The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship." "I wish Dr. Patel all the very best and many more years of public service," he said in another tweet.
"Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," Prime Minister Modi said in a tweet. "Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely," he added.
