RBI denigrated by a tyrannical Modi regime: Congress

The Congress on Monday termed RBI Governor Urjit Patel's resignation as the culmination of the Modi government's “brazen assault” on the autonomy of the central bank.

“Integrity of another institution– RBI, stands denigrated by a tyrannical Modi regime as reflected in RBI Governor’s unceremonious exit,” Congress' chief spokesman Randeep Singh Surjewala said.

Senior Congress leader Ahmed Patel said the manner in which the RBI Governor has been forced to quit was 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. Every institution carefully built and nurtured over the last 70 years is being trampled upon with complete impunity,” said Patel, the AICC treasurer.

Former Commerce Minister Anand Sharma said the resignation of Patel was the culmination of the government's brazen assault on the autonomy of the central bank.

“The questionable moves of the government to take charge of monetary and fiscal policies in the RBI’s domain would be unacceptable to any Governor’s conscience,” said Sharma, the deputy leader of the Congress in the Rajya Sabha.

Sharma accused the government of trying to poach on the contingency reserves of the RBI to make up for the rising fiscal deficit due to monumental economic mismanagement of the economy by an incompetent government.

“Prime minister's and finance minister's post-facto praise is an apologetic response to national outrage over the reckless actions of the government to destroy the credibility of national institution,” Sharma said.