The anger and outcry witnessing in the country against government’s demonetization move is now shifting from Prime Minister Narendra Modi to Reserve Bank of India (RBI) Governor Urjit Patel. Even some went to the extent of demanding him to resign for his failure in properly making things clear before the executive taking such a decision in hurry.
The Vice President of the All India Bank Officers Association D Thomas Franco sought the resignation of Urjit Patel, in the wake of the “havoc” caused in the aftermath of the government’s move to demonetize Rs 500 and Rs 1,000 bank notes. He felt that the RBI Governor should take “moral responsibility for the crisis and the deaths of people including 11 bank officers in the last 12 days.”
Stating that while neither Prime Minister Narendra Modi nor Finance Minister Arun Jaitley, were economists, he accused that it was failure on the part of Patel to gauge the implication of the demonetization move before it was rolled out.
Meanwhile, former union minister and senior Congress leader Mani Shankar Aiyar said the RBI Governor would not have agreed to such a move. He recalled that I.G. Patel had resigned as RBI chief following some disagreement with then Prime Minister Morarji Desai.
A source in the BJP indicating that Modi waited tail Urjit Patel, who has close association with top corporate houses of Gujarat, took charge of RBI, as the former governor Raghuram Rajan had opposed this move.