Urjit Patel named new Indian central bank governor

The chief of the Reserve Bank of India (RBI) is typically chosen by the prime minister in consultation with the finance ministryThe Indian government on Saturday named insider Urjit Patel as the new governor of the Reserve Bank of India, to replace popular central banker Raghuram Rajan when his term ends in September. The promotion of deputy governor Patel ends weeks of feverish speculation by the Indian media since Rajan caught investors off guard in June by announcing he was leaving to return to academia. The naming of an insider to the top job suggests the government hopes to continue the approach of the much-admired outgoing chief — dubbed “rock-star Rajan” — when he steps down on September 4.

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