Urjit Patel has resigned as the Governor of the Reserve Bank of India on Monday, 9 months before the end of his tenure in September 2019. He was announced as the Governor of India’s Central Bank, two months before the implementation of the demonetization scheme by PM Modi, in September 2016.

"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 RBI in various capacities over the years," Patel said in a statement.

Patel chose to resign four days ahead of the RBI’s scheduled board meeting on December 14, intended to discuss several contentious issues, making it a crucial one. He cited “personal reasons” for his resignation.

"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 added further.

Finance Minister Arun Jaitley acknowledged the service extended by Urjit Patel.

"The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country, both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship. I wish Dr. Patel all the very best and many more years of public service,” he had posted on his official Twitter page.