Update on December 12: The Appointment Committee of the cabinet appointed Shaktikanta Das as the governor of the Reserve Bank of India, reports Reuters. Das was appointed as the governor for a period of three after Urjit Patel abruptly resigned from his position, this week.

Das retired as Secretary in the Department of Economic Affairs on May 28, 2017. He has served in the Finance Ministry as Secretary in the Revenue department. He was appointed as the member of 15th Finance Commission after his retirement as IAS officer.

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Earlier on December 10: Urjit Patel, the RBI governor, has stepped down from his current position citing personal reasons.

In a statement he said:

On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honor to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”

Patel served as the 24th Governor of Reserve Bank of India since September 4, 2016.  Appointed by the NDA government, he succeeded Raghuram Rajan as the RBI governor.