India's cenbank governor Urjit Patel steps down

Indian central bank governor Urjit Patel resigned on Monday citing "personal reasons", a statement issued by the Reserve Bank of India (RBI) said.

"On account of personal reasons, I have decided to step down from my current position effective immediately," he said in a brief statement released by the RBI.

"It has been my privilege and honour to serve in the RBI in various capacities over the years. 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 said.

The government and the RBI have been fighting for weeks over how much autonomy the RBI should have as the administration of Prime Minister Narendra Modi seeks to reduce curbs on lending and to gain access to the RBI's surplus reserves.