Finance Minister Arun Jaitley on Saturday congratulated economist and banker Urjit R. Patel after the government named him the next Governor of the Reserve Bank of India (RBI) to succeed Raghuram R. Rajan.

"Congratulations to @UrjitPatel_ on being appointed as Governor of RBI," Jaitley tweeted.

The Finance Minister also hoped that Patel would successfully lead RBI.

"I’m sure he will successfully lead the Reserve Bank & contribute to India’s economic development," he said in another tweet.

Patel, 52, a Deputy Governor since January 2013 and on a three-year further term since January this year, will take over as the 24th chief of India’s central bank on September 4.