Urjit Patel, governor of India's central bank - Reserve Bank of India (RBI), resigned on Monday, citing "personal reasons," a year before his term ends, media reports said.

"On account of personal reasons I have decided to step down from my current position effective immediately," he said in a statement released to the media on Monday evening.

Reacting to Patel's resignation, Indian Prime Minister Narendra Modi described him as a thorough professional with impeccable integrity. "He leaves behind a great legacy. We will miss him immensely," tweeted Modi.

In another tweet, Modi said, "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."

Urjit Patel was appointed RBI governor in 2016.