NEW DELHI: The government on Tuesday appointed Shaktikanta Das as the new Reserve Bank of India (RBI) chief just a day after Urjit Patel stepped down citing “personal reasons” , news agency Reuters reported. He will be the 25th governor to lead the Reserve Bank.

Patel is the first governor since 1990 to step down before his term ends. The resignation came ahead of the December 14 meeting of the central bank that could have discussed issues of simmering differences with the government.

Patel’s three-year term was to end in September 2019, and he was eligible for a second term like most of his successors

Prime Minister Narendra Modi praised Patel’s leadership for bringing “financial stability” to the RBI.

Finance minister Arun Jaitley also thanked him for his services. “The government acknowledges with a deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the deputy governor of the RBI. It was a pleasure for me to deal with him and benefit from his scholarship,” he said.

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