Urjit Patel on Monday took charge as Governor of the Reserve Bank of India (RBI).

An official statement from RBI said: “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.”

Patel, who has been given a three-year term, succeeds Raghuram Rajan, whose three-year term ended on Sunday. The handover ceremony is likely to be held in RBI’s Mumbai office on Tuesday.

At an event here last week, Rajan said he was confident that Patel would carry forward the work they began together on inflation-control. “I am confident that 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,” he said at a Forex Dealers Association of India event.

The outgoing governor said that even though inflation has surpassed the 6 % mark as against the RBI target of getting it down to 5 % by March 2017, inflation will ease in the coming months.

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