Reserve Bank of India (RBI) Governor Urjit Patel on Monday resigned from his post with immediate effect, citing "personal reasons".

"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.