Urjit Patel steps down as RBI governor, cites personal reasons 

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.

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