The 33-year-old batsman opted to step aside after India’s 2-1 series loss to South Africa, having been skipper for 68 Tests, winning 40 and losing only 17. Kohli is statistically India’s most successful Test captain.
“Under Virat’s leadership Indian cricket has made rapid strides in all formats of the game,” BCCI president Ganguly wrote on Twitter.
“His decision is a personal one and BCCI respects it immensely. He will be an important member to take this team to newer heights in the future. A great player, well done.”
Former India captain Shastri was full of praise for Kohli, who also averaged 54.8 with the bat in Test cricket during his tenure as skipper.
He tweeted: “Virat, you can go with your head held high. Few have achieved what you have as captain.
“Definitely India’s most aggressive and successful. Sad day for me personally as this is the team (flag of India) we built together.”
Kohli explained his decision to resign as skipper on Saturday via Twitter, saying he had put everything into the role.
He wrote: “It has been seven years of hard work, toil and relentless perseverance everyday to take the team in the right direction.
“I’ve done the job with absolute honesty and left nothing out there. Everything has to come to a halt at some stage and for me as Test Captain of India, it’s now.
“There have been many ups and also some downs along the journey, but never has there been a lack of effort or lack of belief.
“I have always believed in giving my 120 per cent in everything I do, and if I can’t do that, I know it’s not the right thing to do. I have absolute clarity in my heart and I cannot be dishonest to my team.”