New Delhi: Soon after Urjit Patel resigned as the governor of RBI, several opposition leaders trained the guns at the Narendra Modi-led BJP government, while PM Modi called him an economist of high calibre. He also acknowledged Patel’s efforts to steer the bank out of crises.
“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. 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,” Modi said in a series of tweets.
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.— Narendra Modi (@narendramodi) December 10, 2018
Senior Congress leader Ahmed Patel also took to Twitter and blamed the government for “trampling the institutions”.
Every institution carefully built & nurtured over the last 70 years is being trampled upon with complete impunity— Ahmed Patel (@ahmedpatel) December 10, 2018
“The manner in which the RBI governor has been forced to quit is a blot on India’s monetary & banking system BJP Government has unleashed a a defacto financial emergency The country’s reputation and credibility is now at stake,” Patel further said.
The manner in which the RBI governor has been forced to quit is a blot on India’s monetary & banking system BJP Government has unleashed a a defacto financial emergency The country’s reputation and credibility is now at stake— Ahmed Patel (@ahmedpatel) December 10, 2018
Finance minister Arun Jaitley “appreciated” Patel’s service in the capacity of the RBI governor.
“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,” Jaitley tweeted.
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. (1/2)— Arun Jaitley (@arunjaitley) December 10, 2018
Former finance minister P Chidambaram said he was more saddened than surprised by the resignation.
Saddened, not surprised, by Dr Urjit Patel's resignation. No self respecting scholar or academic can work in this government.— P. Chidambaram (@PChidambaram_IN) December 10, 2018
“November 19 was the day of reckoning. Dr Patel should have resigned on that day. Dr Patel may have thought that the government will re-trace its steps. I knew it would not. Good he quit before humiliating meeting,” he said in a series of tweets.
Patel’s resignation comes four days before the RBI meeting.
Communist Party of India supremo Sitaram Ychury also took to Twitter and termed Patel’s resignation as “destruction”.
“The destruction of another institution by Modi govt. India's economy has been wrecked by Modi, and now perhaps wants to raid RBI reserves for petty gains.”
The destruction of another institution by Modi govt. India's economy has been wrecked by Modi, and now perhaps wants to raid RBI reserves for petty gains. https://t.co/hTc16FWTxB— Sitaram Yechury (@SitaramYechury) December 10, 2018
Finance minister Arun Jaitley and Prime Minister Narendra Modi acknowledged Patel’s tenure in office, with Modi crediting him for bringing “financial stability at the RBI.”
Former chairman of the NITI Ayog Arvind Panagariya also said that Patel had helped India to tackle economic issues.
Truly saddened by the resignation of Guv Patel. The PM has said it all. Guv Patel tackled India’s NPA problem and firmly established the MPC process. For these two accomplishments alone, he will go down in history as a most successful Guv. https://t.co/K5ndNi4BRw— Arvind Panagariya (@APanagariya) December 10, 2018
Urjit Patel on Monday stepped down as the governor of RBI citing personal reasons. Patel's resignation comes days after Finance Minister Arun Jaitley’s scathing criticism of the central bank’s “lending spree”. Patel was in a conflict with the Union finance ministry over matters related to the bank's independence.
In a statement, Patel said it was a privilege and honour to serve the central bank and expressed his gratitude to his colleagues and directors of the RBI central board. Former RBI Governor Raghuram Rajan has said that "all Indians should be concerned about governor Patel's resignation".
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