Patel got a three-year term as governor, the same as Rajan.

India named deputy central bank Gov. Urjit Patel to replace outgoing Gov.

"He is the architect of inflation targeting. As Rajan said, there are a lot of unfinished tasks in these challenging times", said former RBI deputy governor K C Chakrabarty.

Patel's near hurdle would be to move out of Rajan's looming shadow and start to create a legacy of his own.

Despite his sterling credentials, Rajan was made head of the central bank while the Congress Party was in government, and there were questions over the level of support he enjoyed once the Bharatiya Janata Party (BJP) took power.

He avoids large meetings and gatherings with colleagues and, in contrast to other deputy governors who had busier public schedules, gives few speeches or media interviews. "However, a lot more needs to be done to lay out a plan for capitalizing these banks".

Patel, a divorcee, was working with global consultancy major Boston Consultancy Group before he joined the RBI.

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Seen as a close lieutenant to Dr Rajan, Dr Patel headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices.

Modi backed that inflation target of 4 percent, within a range of 2 to 6 percent, in his annual Independence Day speech on Monday.

"CII is confident that the new Governor will lead the central bank and take its developmental and regulatory agenda to new heights", said Chandrajit Banerjee, Director General of CII in a statement. Jain went on to say that there will be continuity in monetary policy with Urjit Patel's appointment.

The appointment is for a period of three years following the recommendations of financial sector regulatory appointments search committee (FSRASC).

However, the new governor will have less freedom in deciding monetary policy as the job has been transferred to a joint committee of the Reserve Bank and the central government.

"As a deputy governor in charge of Monetary Policy, Patel's (possible) appointment would imply continuity of the present monetary policy".

In a string of retweets and replies to his Twitter followers, Swamy said it will be utter "idiotic" to think he will attack Patel because he was born in Kenya.