All Indians should be concerned, says Raghuram Rajan on RBI crisis!

• India's former RBI governor says Urjit Patel's resignation a matter of concern.

The surprise resignation of the Reserve Bank of India governor Urjit Patel on Monday should be a matter of concern for all Indians and needs to be investigated, former central bank chief Raghuram Rajan said.

"I think his statement should be respected. We should go into the details on why there was an impasse which forced him to take this ultimate decision," Rajan told ET NOW channel.Patel stepped down, citing "personal reasons", a statement issued by the Reserve Bank of India (RBI) said.

"I think this is something all Indians should be concerned about because strength of our institution is really important both for growth and sustainable growth in equity and the economy."

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.