Urjit Patel has taken charge over as Reserve Bank of India (RBI) governor on Monday, an official statement said in Mumbai.
"Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India, effective September 4, 2016 after serving as Deputy Governor since January 2013," the RBI statement said.
He succeeds Raghuram Rajan, whose three-year term ended on Sunday.
Handover ceremony is scheduled for Tuesday, as Monday is a holiday in the city due to the Ganesh Chaturti festival.
At an event here last week, Rajan, said he was confident that Patel would continue the work they started together on inflation-control.
"I am confident that Urjit Patel, who has worked closely with me on monetary policy for the last three years, will ably guide the Monetary Policy Committee going forward in achieving our inflation objectives," Rajan had said at a Forex Dealers Association of India event.