Rajan welcomes Urjit Patel as his successor

The Reserve Bank of India (RBI) Governor Raghuram Rajan welcomed the appointment of Urjit Patel as his successor, saying it would ensure continuity in meeting the country's inflation objectives.

Patel, currently a deputy governor at the RBI, will replace Rajan at the helm of the central bank on September 4.

"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 said in a speech to market participants in Mumbai.