Ending the speculation as to who will be the next Reserve Bank of India Governor when Raghuram Rajan's term ends, the government has announced that Urjit Patel, the current deputy governor, will take over as the as the 24th governor of the Reserve Bank of India. "The Appointments Committee of Cabinet has approved the appointment of Dr. Urjit R. Patel as Governor, Reserve Bank of India for a period of three years," said the statement from the government. Patel, 53, who has been the deputy governor since January 2013, has been key in framing the monetary-policy framework that the central bank has adopted. It makes taming inflation the central bank’s primary priority. He is a PhD from Yale University and has worked at the International Monetary Fund (IMF), The Brookings Institution at Washington and the Massachusetts-based Boston Consulting Group. The government is soon expected to announce the composition of a six-member monetary policy committee to decide on interest rates. It will be made up of himself and two other RBI officials, along with three members appointed by the government. "Appointment of Urjit Patel comes as a welcome move,'' says Arundhati Bhattacharya, chairman of State Bank of Indial, who was also in contention for the top position.