December 10, 2018:

On Monday, Urjit Patel stepped down as governor of the Reserve Bank of India (RBI) with immediate effect. Patel cited personal reasons for his decision.

He stated, "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 went on add,"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."

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. "

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