Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic is… https://t.co/DyZUxKIXPv — Narendra Modi (@narendramodi) 1544444710000

Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for… https://t.co/NLta1tMLPg — Narendra Modi (@narendramodi) 1544444793000

The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this countr… https://t.co/QAHg8Oz7Z2 — Arun Jaitley (@arunjaitley) 1544444364000

I wish Dr. Patel all the very best and many more years of public service. (2/2) — Arun Jaitley (@arunjaitley) 1544444428000

Surprised at the news that RBI governor has resigned. The previous meeting was held in such cordial atmosphere that… https://t.co/FqTUzy84LY — S Gurumurthy (@sgurumurthy) 1544444665000

I enjoyed several hours of personal discussions with him where we found large areas of agreement as well as mutuall… https://t.co/GYGsLHfISE — S Gurumurthy (@sgurumurthy) 1544444666000

(With inputs from agencies)

RBI governor Urjit Patel steps down

NEW DELHI: Urjit Patel on Monday stepped down as governor of the Reserve Bank of India RBI ) with immediate effect.Patel cited personal reasons for his decision."On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years," he stated."The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future," he went on add.Patel was appointed the 24th governor of the RBI in September 2016 for a three-year term. His tenure was to end in 2019.Prime Minister Narendra Modi praised Urjit Patel's leadership for bringing 'financial stability' to RBI.Finance minister Arun Jaitley, in a tweet, 'acknowledged the services rendered' by Urjit Patel.Former RBI governor Raghuram Rajan was quoted saying, "All Indians should be concerned about governor Patel's resignation."Reacting to Patel's announcement, the Congress tweeted, "Another one bites the dust. This is the result of the 'chowkidar's' assault on democratic institutions. "RBI board member S Gurumurthy said that the news of Patel's resignation is 'surprising' since the last meeting was held in a 'cordial atmosphere'.The government and the central bank have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.