Reserve Bank of India appoints deputy

India opted for a continuation of the reforms Raghuram Rajan by selecting one of his deputies to take over the central bank.

Urjit Patel, 52, will serve a three year term.

RBI watchers say Patel is slightly more hawkish but he will follow the inflation-targeting footsteps of Rajan, who revealed he wouldn't serve a second term in June.

Rajan created a rate-setting panel and eased restrictions on foreign banks. He's seen as a possible successor to Christine Lagarde at the IMF.