The government has replaced Urjit Patel with Raghuram Rajan as the RBI governor on Saturday.
On September 4, Raghuram Rajan will step down and Urjit Patel will take charge on the same day. Rajan will be completing his three-year term.
Rajan had earlier announced that he would step down in September after a single three-year term at the RBI.
“The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr. Urjit R. Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. 04.09.2016,” a press note stated.
Urjit Patel has worked with the Reliance Industries in the past and was the Deputy Governor at RBI in 2013. Patel was an advisor (Energy and Infrastructure) with Boston Consulting Group.
Patel has doctorate in economics from Yale University, which is equal to the qualifications of Rajan.