RBI Governor Urjit Patel Resigns: Mamata Banerjee Calls it 'Financial Emergency', Will Meet President Ram Nath Kovind

New Delhi, December 10: Hours after news circulated in the political arena that Urjit Patel has resigned from the topmost post of Reserve Bank of India, West Bengal Chief Minister Mamata Banerjee is most likely to meet President Ram Nath Kovind, citing financial insecurity in the country.

Announcing her decision to meet the President to her concern over the economic instability after the sudden exit of Patel, Mamata said, “We’ll meet the President because financial stability is not there, Reserve Bank of India Governor (UrjitPatel) has resigned. It is a matter of great concern in this country and the financial emergency has already started.” RBI Governor Urjit Patel Steps Down: Full Text of His Resignation Statement.

She is not the only one to comment on this and expressed shock, even Congress chief Rahul Gandhi too slammed the government for pressuring the economist to bow down to ‘impractical’ policies. He said, “RBI governor is resigning because he’s protecting the institution of RBI. Taking away reserves from RBI to save your skin is an act against this nation. I’m very proud that people from all walks of life and institutions are standing up to it.”

Also, BJP parliamentarian Subramanian Swamy wants the Union government to persuade Patel to take his decision back for the betterment of the economy. He said, “His resignation will be bad for our economy, RBI and government. He should at least stay till July, until the next government comes to power. PM should call him and find out the reason and dissuade him from leaving in larger public interest.”

Surprised by the sudden resignation of Patel, RBI central board member S Gurumurthy stated, “Surprised at the news that RBI Guv resigned. The previous meeting was held in such a cordial atmosphere that it comes as a shock. All directors said media had created a wrong perception while inside it was different. That makes it even more surprising.”

Though Urjit Patel had stated personal reasons for the decision to step down from the post, there are speculations that it is due to the rift between the RBI and Central government, that the later was pressuring the RBI to transfer surplus reserves, which triggered a public spat between the monetary policymakers and their political bosses.

(The above story first appeared on LatestLY on Dec 10, 2018 08:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).