Eminent economist, consultant and banker Urjit Patel will be the next Governor of the Reserve Bank of India (RBI), the Central government announced on Saturday.

Replacing Raghuram Rajan, 52-year-old Patel, a Deputy Governor since January 2013, will take over as the 24th chief of India’s central bank on September 4.

The appointment has been made on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary.

Patel was reappointed in January for another three years. He has run the central bank&’s monetary policy department since 2013.

Patel headed a committee that introduced changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices.