Urjit Patel has resigned as the RBI governor citing “personal reasons” in the middle of increasing differences had cropped up between the central bank and the government.

Patel’s decision to quit for “personal reasons” with immediate effect raises three pressing concerns.

First, how badly will this affect India’s markets tomorrow? Secondly, who will take over the job of central bank governor in the interim?

And lastly, what will happen in the next RBI board meeting and what will this mean for the issues that served as a bone of contention between the central bank and the Modi government?

The resignation comes just a day before results of assembly elections in five states — Rajasthan, Chhattisgarh, Madhya Pradesh, Mizoram and Telangana—where the Bharatiya Janata Party (BJP), according to exit polls, is expected to face a stiff contest from opponents. That apart, Patel’s resignation is expected to give more firepower to the opposition in the winter session of Parliament that begins on Tuesday. The opposition has been a strong critic of the government’s alleged interference in the functioning of the central bank.

Comments, reactions and criticism flew thick and fast from party chiefs, chief ministers, and market experts through the evening.

Here is all that happened on Monday in 10 simple points:

1) RBI Governor Urjit Patel resigned from his post after a long-draw battle of disagreements with the central government. In his short resignation letter, Patel did not write anything critical of the government and said his decision to resign was a personal one.

2) Analysts on the other hand said this decision was taken because the Modi government for long had been trying to pressure the RBI to ease its lending norms and other policies.

3) Media reports in November has said that Urjit Patel had a meeting with PM Modi and discussed the various points of friction between the central bank and the Prime Minister’s Office. It was learnt that a middle ground had been agreed. But Patel’s sudden resignation, just three days ahead of a key RBI Board meeting, suggests that things weren’t on the right track.

4) Initially, there were reports that RBI Deputy Governor Viral Acharya too has resigned. However, the RBI later clarified that this was incorrect. Acharya’s name is important because his speech in late October was the first major indication that the RBI and the central government are sharing less than cordial relations. In his speech, Acharya had cautioned the government from infringing upon the RBI’s autonomy, saying that doing this may prove to be catastrophic.

5) Soon after Urjit Patel’s resignation, Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley wrote public messages in praise of Patel’s work as the central bank governor. Modi said he will be missed.

6) The Opposition latched upon the news of Patel’s resignation. Congress president Rahul Gandhi alleged Patel had to resign because he was trying to save the institution of RBI from PM Modi’s government. West Bengal Chief Minister Mamata Banerjee termed the BJP a party whose leaders are behaving like dictators.

7) Former Prime Minister Manmohan Singh too issued a comment on Patel’s resignation. He said RBI Governor Urjit Patel’s sudden decision to step down is a severe blow to the economy. Patel’s sudden resignation, at a time when the Indian economy is faced with many headwinds is very unfortunate and is a severe blow to the nation’s economy, he said in a statement.

8) Urjit Patel’s resignation had immediate effect on the market. The Rupee forwards posted their biggest daily slump in more than five years; the Sensex fell by nearly 750 points and closed at less than the 35,000 mark on Monday evening.

9) Experts have cautioned that the markets may be volatile for the next few days until the government takes reassuring decisions to ease investor’s concerns.

10) The central government has announced that Urjit Patel’s successor will be selected by a high-level panel headed by the Cabinet secretary. Once the panel finalizes the name, it will be sent to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.