"On account of personal reasons, I have decided to step down from my current position, effective immediately," he 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 added.
Patel complimented the RBI staff for their support and hardwork and also expressed gratitude to his colleagues.
"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 statement concluded.
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