New Delhi (CNN Business) The Reserve Bank of India has lost its second chief in less than three years, raising questions about the central bank's independence and the management of the economy going into an election year.

Governor Urjit Patel announced Monday that he was stepping down from his post, effective immediately. Patel's term was due to expire in September 2019.

"On account of personal reasons, I have decided to step down from my current position," Patel said in a statement. "It has been my privilege and honor to serve in the Reserve Bank of India."

The surprise resignation comes just weeks after senior RBI officials warned the government of Prime Minister Narendra Modi against threatening the central bank's autonomy. Modi had reportedly been leaning on the RBI to relax lending criteria and use excess funds to boost economic growth before national elections next year.

Tensions between the two burst into the open last month, with reports that the government had activated a rare power that allows it to issue directives to the RBI.

Read More