Urjit Patel will be missed immensely: Narendra Modi

Modi said Patel will be missed as the RBI governor.

"Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," Modi tweeted.

"Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely," the PM said.

In a major development, Urjit Patel on Monday quit as the Governor of the Reserve Bank of India.

Patel has cited 'personal reasons' as the cause behind taking the decision.

"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 honour to serve in the Reserve Bank of India in various capacities over the years," he said.

"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," the Governor said.

Patel resigned from his position just days after the RBI board meeting was held. 

The meeting was held amid reports of a rift with the Central government.