The suspense over Raghuram Rajan’s successor at the Reserve Bank of India (RBI) finally ended on Saturday evening.
Urjit Patel, who is currently Deputy Governor in charge of monetary policy of RBI, will replace Rajan as the Governor after his term ends in September.
Patel will be the 24th RBI Governor and will hold the post for the next three years.
There has been quite a bit of a suspense over who would succeed Rajan, whose exit is scheduled on 4 September.
Earlier on Thursday, Finance Minister Arun Jaitley had held an hour-long discussion with Prime Minister Narendra Modi over the appointment of the new RBI Governor.
Other contenders for the post were RBI Deputy Governor Subir Gokarn, Chief Economic Advisor Arvind Subramanian, SBI Chairman Arundhati Bhattacharya, World Bank chief economist Kaushik Basu and former Chief Economic Advisor Ashok Lahiri.
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