The Indian government on Saturday appointed Urjit R Patel as the new head of its central banking institution -- Reserve Bank of India (RBI), officials said.

He will succeed Raghuram Rajan, a former chief economist at the International Monetary Fund (IMF), immediately after his term ends.

"Urjit R Patel has been appointed as the new governor of RBI for a period of three years with effect from 4th September, 2016," reads a statement issued by the government.

The 52-year-old Patel is currently the deputy Governor of RBI and has been elevated to the top post.

Patel has a doctorate from Yale University and has worked at the International Monetary Fund (IMF).

In June this year Rajan said he will leave the central bank at the end of his term on Sept. 4 and would return to academia.

Earlier, Rajan's remarks about Indian economy "the one-eyed man being king in the land of the blind", evoked him a sharp criticism.

Rajan has faced opposition from some Indian politicians for not lowering interest rates.

A leader of ruling Bhartiya Janta Party (BJP) Subramanian Swamy in a two-page letter to Indian Prime Minister Narendra Modi sought removal of Rajan with immediate effect, calling him "mentally not fully Indian" and accusing him of wrecking the Indian economy.

Source : XINHUA