RBI Governor's "forced" exit blot on India's monetary and banking system: Cong

The Congress Monday dubbed RBI Governor Urjit Patel's resignation as a "blot" on India's monetary and banking system, alleging that he was forced to quit.

Congress spokesperson Randeep Singh Surjewala alleged that NDA government "denigrated" another institution and that his exit was the result of attempts to stifle RBI's independence.

Patel, who had a run in with the government over autonomy of the central bank, Monday resigned from his post.

In a brief statement, Patel said he has decided to step down with immediate effect. He, however, did not specify the reason for the decision.

"The manner in which the 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 is now at stake," senior Congress leader Ahmed Patel said.