Get WhatsApp Updates From Bloomberg on India’s New Central Bank Governor

Urjit Patel will lead the Reserve Bank of India after Raghuram Rajan's term ends in September.

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KOLKATA, INDIA - DECEMBER 11: Urjit R. Patel, Deputy Governor of Reserve Bank of India, at a press conference after board meet on December 11, 2015 in Kolkata, India.

Photographer: Mint/Hindustan Times via Getty Images

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After weeks of speculation across the business and financial world, India's central bank finally has a new governor. Urjit Patel beat at least eight candidates and will replace Raghuram Rajan whose term ends Sept. 4.

The incoming chief, however, won't have it easy — inflation is rebounding, about $20 billion will leave the country between September-December as FX swaps mature, and state-run banks are entering the last stage of a $120 billion debt clean up.

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