Ending speculations, government appointed former Economic Affairs secretary Shaktikanta Das as the new Governor of the Reserve Bank of India(RBI) for a period of three years.
Das, a 1980 batch IAS officer of Tamil Nadu cadre, was member of the Fifteenth Finance Commission and India's Sherpa to G20. Das has previously held the rank of Revenue Secretary.
His appointment comes a day after Urjit Patel announced to resign as RBI Governor with immediate effect citing personal reasons.
Das has become the 25th RBI Governor, and will serve a three-year term.
"The Appointments Committee of the Cabinet has approved the appointment of Shaktikanta Das, former Secretary, Department of Economic Affairs, as Governor of the Reserve Bank of India (RBI) for a period of three years," an official order said.
As per the RBI Act, the central bank should have one governor and four deputy governors – two from within the ranks and one commercial banker and another an economist to head the monetary policy department.