India's government promoted Urjit Patel, a deputy governor in charge of monetary policy at the Reserve Bank of India, to serve as its next governor for a three-year term, it said on Saturday.
India's central bank governor Raghuram Rajan on Tuesday kept the repo rate unchanged at 6.50 percent at his final policy review after inflation hit a nearly two-year high, but said the policy stance remains "accommodative."
Reserve Bank of India Governor Raghuram Rajan, who has faced criticism from members of Prime Minister Narendra Modi's ruling party for not lowering interest rates enough, said on Saturday he would step down when his term ends on Sept. 4.
