Urjit Patel to be Reserve Bank of India governor

Putting all speculations to rest, deputy governor of Reserve Bank of India, Urjit Patel has been made the new Governor of the the country's Apex bank. He would take charge from incumbent Raghuram Rajan on 5 September. His tenure as the RBI deputy governor was extended for another three years in January, 2016. Patel, 53, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford in 1986.

In June, Rajan had surprised the markets when he in a letter to the RBI staff announced that he would return to academia and not seek a second term. 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.

With inputs from PTI