Reserve Bank of India Deputy Governor Urjit Patel, who drafted historic changes to monetary policy in the country, is likely to get re-appointed after his three-year term ends next month. The government will send Patel’s name to the appointments committee of the cabinet for final approval. Patel, who joined the RBI in January 2013, heads its monetary policy department and is widely considered to be a trusted lieutenant to Governor Raghuram Rajan.

Formerly at the International Monetary Fund and president of Reliance Industries Ltd, Patel headed the committee that drafted the landmark shift in India’s monetary policy, putting the focus on consumer inflation and introducing inflation targeting.

The government has formed a search panel, which interviewed several candidates in December, including Mr. Patel and two other Executive Directors of RBI. A Deputy Governor of RBI can be appointed for a period of five years or till the age of 62, whichever is earlier. Mr. Patel, who was appointed as the Deputy Governor in January 2013 had about two decades of experience across sectors including financial, energy and infrastructure sectors.

Deputy Governors of RBI

RBI has four Deputy Governors, two are from outside, a commercial banker and an economist while two others are promoted from within its ranks. The other three Deputy Governors of RBI are: H.R. Khan, S.S. Mundra and R. Gandhi.