Ending months of speculations about who will fill in the shoes of Raghuram Rajan at the Reserve Bank of India (RBI), Urjit Patel was today appointed as the new Governor of the Central bank.
The 52-year-old was serving at the RBI as a Deputy Governor before this elevation.
The present RBI Chief Raghuram Rajan is set to vacate the post on September 4.
Yesterday, Finance Minister Arun Jaitley held an hour-long discussion with Prime Minister Narendra Modi over appointment of new RBI Governor.
The high-profile meeting, which took place at the Prime Minister's residence, was believed to have deliberated on various names that could succeed Raghuram Rajan, who demits office early next month on completion of his 3-year tenure.
Rajan, who will have the shortest tenure as RBI Governor since liberalisation began in 1991, decided not to seek a second term after unbridled political attacks on him were led by BJP MP Subramanian Swamy.