Urjit Patel, the governor of the Reserve Bank of India, announced Monday that he was stepping down from his post, effective immediately. Patel's term was due to expire in September 2019.
"On account of personal reasons, I have decided to step down from my current position," Patel said in a statement. "It has been my privilege and honor to serve in the Reserve Bank of India."
Patel's resignation comes just weeks after senior RBI officials warned the government of Prime Minister Narendra Modi against threatening the bank's autonomy.
The previous governor of the RBI, Raghuram Rajan, stepped down in 2016 over disagreements with the government of Prime Minister Narendra Modi.
This is a developing story.
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