The Reserve Bank of India Governor Urjit Patel resigned on Monday, citing personal reasons. On account of personal reasons, I have decided to step down from my current position effective immediately, Patel said in a statement. It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years. His term was to last until September 2019.

Patel became the RBI governor in September 2016, after Raghuram Rajan decided to step down at the end of his term. Previously, Patel served as deputy governor since 2013. His decision comes after the central bank was embroiled in a series of conflicts with the Narendra Modi government over crucial matters including central bank independence.