Urjit Patel, 52, a deputy governor of the central bank for the past three years, is the key architect for the fundamental change in how monetary policy is framed in India.
In 2014, it was a committee headed by Patel that recommended that Reserve Bank of India (RBI) should follow an inflation-targeting approach, using consumer price inflation as the base, and a committee of the central bank and not the governor take the call on monetary policy.
Seen as a key lieutenant of incumbent governor Raghuram Rajan, Patel was initially appointed for a three-year term in January 2013.
His term was later renewed earlier this year.
Patel has also worked with the International Monetary Fund (IMF) and with think-tank, The Brookings Institution.