Urjit Patel was appointed the new governor of the Reserve Bank of India, ANI reported. He currently serves as one of the four deputy governors of the central bank. A statement from the government said, "The Appointments Committee of the Cabinet has approved the appointment of Dr Urjit R Patel as governor, Reserve Bank of India, for a period of three years," according to Business Standard.

Patel succeeds Raghuram Rajan as the 24th head of the RBI. Rajan had announced in June that he will not seek a second term as RBI governor after his tenure ends on September 4.

The Centre is expected to announce the six members of the monetary policy committee, which decide on interest rates, soon. Patel and two other RBI officials will be part of the committee, along with three government-appointed members.