Urjit Patel, a deputy governor in charge of monetary policy at the Reserve Bank of India, will serve as its next governor for a three-year term.
He will replace Raghuram Rajan, a former International Monetary Fund chief economist who announced in June that he would step down in September and return to academia after a single three-year term at the RBI.
Here is all you need to know about the new RBI governor:
Current position: Deputy governor of RBI (2013-till date)
•BA, London School of Economics
•MPhil, Oxford University
•PhD, Yale University
•Non-Resident Senior Fellow, The Brookings Institution
•International Monetary Fund (IMF) between 1990 and 1995 and worked on the US, India, Bahamas and Myanmar desks.
•On deputation (1996-1997) from the IMF to the RBI
•Consultant (1998-2001) to the ministry of finance, department of economic affairs, New Delhi
•President (business development), Reliance Industries Limited
•Executive director and member of the management committee
•Infrastructure Development Finance Company Limited (IDFC) (1997-2006)
•Member of the Integrated Energy Policy Committee of the government of India (2004-2006)
•Member of the board, Gujarat State Petroleum Corporation Limited
•Authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.