RBI governor Urjit Patel resigns, Congress attacks Narendra Modi

Patel has cited 'personal reasons' as the reason behind his decision.

"On account of personal reasons, I have decided to step down from my current position effective immediately," Patel said in a statement.

"It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," he said.

"The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future," the Governor said.

Patel resigned from his position just days after the RBI board meeting was held.

The meeting was held amid reports of a rift with the central government.

Reports had emerged that the government had proposed a few changes with which the Centre would be able to strictly supervise the RBI.

Narendra Modi, Arun Jaitley appreciates Patel's tenure:

Modi said Patel will be missed as the RBI governor.

"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," Modi tweeted.

"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," the PM said.

Appreciating Patel's tenure, 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)."

"I wish Dr. Patel all the very best and many more years of public service. (2/2)," he said.

Congress slams Modi:

The Congress on Monday attacked the Centre over Reserve Bank of India Governor Urjit Patel's decision to step down from his position.

He said the 'unceremonious exit' of Patel reflected the 'tyrannical regime' of Prime Minister Narendra Modi.

Congress leader Randeep Singh Surjewala tweeted: "Integrity of another institution -RBI, stands denigrated by a tyrannical Modi regime as reflected in RBI Governor’s unceremonious exit. Economic anarchy, compromising India’s monetary policies & attempting to stifle RBI’s independence by Govt appointed puppets is the DNA of BJP!."

West Bengal chief minister Mamata Banerjee also criticised the Union government following Patel's resignation.

"This has never happened before. This is unprecedented. We are deeply concerned. The RBI is the custodian of public money. The credibility of all institutions is being destroyed. This is a financial and economic emergency," she tweeted.