Reserve Bank Governor Urjit Patel on Monday stepped down from his post citing personal reasons. <br />''<br />''<br />''In a statement, Dr. Patel said he is stepping down with immediate effect. <br />''<br />''<br />''He said it has been his privilege and honour to serve in the Reserve Bank of India in various capacities over the years. <br />''<br />''<br />''Dr. Patel succeeded Raghuram Rajan as the 24th Governor of RBI in September 2016. He had been appointed for a three-year term.  <br />''<br />''<br />''Prime Minister Narendra Modi has said that under the leadership of Dr Urjit Patel, the Reserve Bank of India brought financial stability, steered the banking system from chaos to order and ensured discipline. <br />''<br />''<br />''In a tweet, Mr Modi said, Dr Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues and a thorough professional with impeccable integrity. <br />''<br />''<br />''Finance Minister Arun Jaitley has tweeted, the government acknowledges with a deep sense of appreciation the services rendered by Dr. Urjit Patel both in his capacity as the Governor and the Deputy Governor of RBI. <br />''<br />''<br />''<span style="color: #222222;">Congress president Rahul Gandhi, however,  has said that RBI governor has resigned because he was protecting the institution and he was not able to function. Mr Gandhi was speaking to media in New Delhi on Monday evening. </span>