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Urjit Patel takes charge as RBI Governor, formal oath taking ceremony on Tuesday
As Raghuram Rajan's term ended on September 4, Urjit Patel became the 24th Governor of the Reserve Bank of India.

"Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013," RBI said on Monday.

Patel was serving as Deputy Governor of RBI as he was reappointed on January 2016. But, on August 20, he was chosen as the Governor of RBI succeeding Raghuram Rajan.

Rajan chose not to extend his term (for another 2 years. Now, he will return to the University of Chicago to serve as the professor. "I am confident that Dr. Urjit Patel, who has worked closely with me on monetary policy for the last three years, will ably guide the Monetary Policy Committee going forward in achieving our inflation objectives," said Rajan in one of his last speeches.

A very soft-spoken 52-year old Patel keeps a low-profile compared to blunt natured Rajan. He was earlier with the International Monetary Fund (IMF) and Finance Ministry.

The new RBI governor is likely to continue with old policies by Rajan apart from completing the 'unfinished agenda' of cleaning up bad loans and controlling inflation.

A strong advocate of monetary policy centered on inflation, Patel was the main architect of the Monetary Policy Committee that has set a 2-6 per cent target for inflation.

A PhD (Economics) from Yale University (1990), M Phil from Oxford (1986) and a B. Sc. from the University of London, Patel was born on October 28, 1963.

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