Reports of Prime Minister Sheikh Hasina, 76, resigning were confirmed by the army, as well as Bangladesh High Commission Officials in Delhi.
According to the country's leading national paper, Hasina and her sister took a military helicopter to India.
They are taking "safe shelter" away from her official residence, the news agency Reuters reports.
At least 95 people, including 14 police officers, died in clashes in the capital on Sunday, according to local news, while hundreds more were injured.
At least six people were reportedly k!lled in clashes between police and protesters in the Jatrabari and Dhaka Medical College areas on Monday.
The deadly protests began in July as a student movement against civil service job quotas.
The movement later evolved to reflect broader frustrations about the economy, corruption, and the country's authoritarian turn under Ms Hasina's government.
Security forces supported Ms Hasina's government throughout the unrest, but the protesters defied curfews and deadly force.
Sunday marked the deadliest day of the unrest, with at least 94 people killed, 14 of whom were police officers.
Protesters and government supporters countrywide battled each other with sticks and knives, and security forces opened fire.
The day's violence took the total number of people killed since the protests began to at least 300, according to an AFP tally based on data from police, government officials and doctors at hospitals.
Mr Waker told officers on Saturday that the military "always stood by the people", according to an official statement.
Ms Hasina was the longest-serving female leader in the world. She survived numerous assassination attempts and jail time.
But her time in office was rife with accusations of forced disappearances, extra-judicial killings, and a crackdown on her critics, which she denies.
Ms Hasina is reported to have fled the country as anti-government protesters vowed to march to the capital to demand her resignation on Monday.
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