Urjit Patel, one of
the 4 deputies to current RBI Governor Raghuram Rajan, will be the new central
bank chief, the government said on Saturday. 52-year-old
Dr Urjit Patel is currently serving his second consecutive term as deputy governor of
the Reserve Bank. He has run the central bank's monetary policy department
since 2013. Seen as a close lieutenant to
Dr Rajan, Dr Patel headed a committee that introduced landmark changes
including a switch to inflation-targeting and adopting consumer prices as the
new benchmark instead of wholesale prices. Dr. UrijtPatel obtained his BA from the
London School of Economics and pursued his Ph.D. from Yale University.