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We have to stop BJP's assault on our institutions: Rahul Gandhi on Urjit Patel's resignation

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New Delhi, Dec 10: Congress president Rahul Gandhi on Monday lashed out at the BJP-led government at the Centre over RBI Governor Urjit Patel's resignation and said those appointed by Prime Minister Narendra Modi are now unable to work under him.

Congress president Rahul Gandhi

Senior Congress leader Kapil Sibal echoed similar views and took a bitter jibe at the Prime Minister and said "Modi thinks that he's the biggest economist". Sibal said first it was Arvind Subramanian, the former chief economic advisor who resigned earlier this year, and Urjit Patel resigning shows that top officials are unable to function under Modi government.

"In the middle of the meeting (of opposition leaders), we were told that RBI Guv has resigned because he could no longer work with govt. There was a consensus in the room that we've to stop BJP's assault on our institutions- CBI, RBI, EC and on the constitution...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 am very proud that people from all walks of life and institutions are standing up to it," said Rahul Gandhi, who was taking party in the meeting of opposition party today to chart out the plane for 2019 elections.

"People he (PM) appointed are resigning, first Arvind Subramanian left as CEA and now it's Urjit Patel. The economy is suffering, Modi thinks that he's the biggest economist and he doesn't need them, so they are resigning," Sibal told news agency ANI.

[Urjit Patel steps down as RBI governor with immediate effect]

Congress leader Ahmed Patel also cam down heavily on the government over RBI Governor's resignation and said Urjit Patel has been forced to quit.

"The manner in which RBI governor has been forced to quit is a blot on India's monetary and banking system. BJP Govt has unleashed a defacto financial emergency. The country's reputation and credibility is now at stake," news agency ANI quoted Congress leader Ahmed Patel as saying.

There was speculation for sometime about Patel quitting following differences between the RBI and the government. It began when RBI deputy governor, Viral Acharya delivered a speech in which he had spoken about the need to ensure independence of the central bank.

Over the past few months several contentious issues have cropped up between the RBI and the government. The main problem was when the government demanded that the RBI shell out more dividend from its reserves.

Further, the government officials on the RBI's board pushed for the relaxation of the promotion corrective action framework being used to nurse weak banks back to health. The government and the RBI were also at loggerheads over the suggestion to set up a payment regulator outside the purview of the RBI.

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