The government has appointed Viral V. Acharya, a professor of economics at New York University, as one of the Reserve Bank of India’s four deputy governors for a term of three years.
Patel had headed the prestigious monetary policy, which is now overseen by RBI Deputy Governor R. Gandhi as part of a widened remit.
Acharya teaches at the Stern School of Business in New York university.
The RBI had a vacancy for deputy governor after Urjit Patel was promoted to Governor earlier this year.