RBI Governor Urjit Patel Steps Down: PM Narendra Modi, Arun Jaitley Hail His Services; Subramanian Swamy Wants Him to Return

New Delhi, December 10: Minutes after Reserve Bank of India Governor Urjit Patel resigned for the top post, Prime Minister Narendra Modi, Union Finance Minister Arun Jaitley and other prominent political leaders reacted that his presence would be missed.

Reacting on Patel’s resignation, PM Modi took to Twitter and wrote, “Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macroeconomic issues. He steered the banking system from chaos to order. He leaves behind a great legacy. We'll miss him immensely.” RBI Governor Urjit Patel Steps Down: Full Text of His Resignation Statement.

Though having alleged conflicting relations with Patel, Union Finance Minister Arun Jaitley stated that RBI Governor hailed his services to the nation. He said, “Government acknowledges with the deep sense of appreciation the services rendered by Dr Urjit Patel to this country, both in his capacity as Governor and Deputy Governor of RBI. I wish Dr Patel all the very best and many more years of public service.”

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.”

Opposition leader Ahmed Patel attacked the Union government’s policies for an exit of the economist. He said, “The manner in which 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 are now at stake.” Urjit Patel Resigns as RBI Governor Citing 'Personal Reasons'

Even BJP parliamentarian Subramanian Swamy supported Ahmed Patel and sought the central government to persuade Urjit Patel to take back his decision. 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. The PM should call him and find out the reason and dissuade him from leaving in the larger public interest.”

Even Congress chief Rahul Gandhi too reacted on the sudden exit and blamed the Union government. He commented, “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, there were some rumours that even RBI Deputy Governor Viral Acharya has also resigned from the post. However, RBI spokesperson has denied the reports.

Though Urjit Patel had stated personal reasons for the decision to step down, 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 07:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).