Mumbai: Urjit Patel stepped down as the governor of the Reserve Bank of India (RBI) on Monday.

“On account of personal reasons, I have decided to step down from my current position (RBI Governor) effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years,” Patel said.

“Support and hard work of RBI staff, officers and management has been proximate driver of Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of RBI Central Board and wish them all the best for future,” he added.

Urjit Patel was the 24th Governor of the RBI and he assumed office on September 4, 2016.

He succeeded Raghuram Rajan.