“Urjit Patel has been appointed 24th the Reserve Bank of India (RBI) Governor , a finance ministry statement said on Saturday.
“The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC),” a statement from the ACC said.
Urjit Patel, Reserve Bank of India (RBI) deputy governor, will take over as the central banks new head, ending two months speculation about Raghuram Rajans successor.
Patels appointment can bring continuity to monetary policy in the country. He was Rajans deputy when Rajan had repeated face-offs with the political establishment for ignoring calls to cut interest rates. Rajan told the government in June that he will return to teaching.
Patel will assume office as the 24th RBI governor for three years on September 5, a day after Rajans term ends.
As Indias top banker, Patels primary duty is to keep prices stable and ensure credit flow to companies and individuals. He will lead a team of about 17,000 and draw a salary of about Rs 200,000 per month besides allowances and perks.
The RBI regulates banks, prints money and prevents volatility in the foreign exchange market. It is also the governments banker and lender of last resort.
Urjit Patel’s Early life and education
Born October 28,1963 Patel obtained his Bachelor’s in Economics from the London School of Economics [LSE, University of London], M. Phil. degree from Oxford University in 1986.
He received his doctorate in Economics from Yale University in 1990.
He was at IMF India desk during the 1991-1994 transition period.
He was posted to IMF country mission in India 1992-1995.
He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
 

Urjit Patel’s Professional career
After obtaining his PhD, Dr. Patel joined the International Monetary Fund in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995.
Thereafter he went on deputation the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate. After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
Between 2000 and 2004, Dr. Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Ministers Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeedingSubir Gokarn to the post.