Urjit Patel will bring great continuity in RBI, says Deputy Governor S S Mundra

Urjit Patel as next RBI Governor will bring "great continuity" at the central bank, his fellow Deputy Governor S S Mundra said, describing him as "a man of clear opinion who may bring some changes".

"We all are very happy. Being a colleague, he brings great continuity and familiarity. He has a clear understanding of what is going on," the Deputy Governor said.

Mundra further said his colleague Patel has been continuously involved with RBI and has a clear opinion on all issues.

"Every new leader will bring his or her own thinking. There could be some addition, (in) some processes little bit changes. It's normal in transition. We are looking for great continuity and that provides great comfort," he said.

Patel was on Saturday appointed the next Governor after Raghuram Rajan demits office on September 4. He was first appointed Deputy Governor for three years in January 2013 and was given extension this January.

Welcoming the appointment, SBI Chairman Arundhati Bhattacharya said: "Patel has been at the helm of institutionalising the inflation targeting regime in the monetary policy framework. His appointment signals continuity of policy intent, both on part of RBI and the government."

Bhattacharya was one among the seven names speculated to succeed Rajan as the 24th Governor.

Former RBI deputy Governor K C Chakrabarty stressed on the need for continuity in the central bank's policies. Recently, Rajan said there are several unfinished tasks.

"It's the best that has happened. He is competent and he will be able to deliver," Chakrabarty said, adding that Patel having worked in the system understands the environment, circumstances and policy measures "much better".

In his comments on the appointment, former adviser to erstwhile Planning Commission Pronab Sen said "this is indicative of continuity. International investors will like that".

NRI billionaire and Vedanta Chief Anil Agarwal expressed hope that the new Governor would continue the policy of the incumbent Rajan.