UPDATES: Govt signals policy continuity with Patel at RBI helm

8.10 pm: With that, it's a wrap on the blog. Thanks for staying tuned.7.50 pm: Let's have a look at the past.Urjit Patel is the eighth Deputy Governor at RBI to be made RBI Governor, the last being Y V Reddy. Besides, at least five former governors had served at IMF before becoming RBI chief, while a few others went on to work at IMF after leaving the central bank. Y V Reddy also had a six-year tenure as deputy governor and also served as India's Executive Director at IMF before becoming RBI Governor in 2003. James Taylor, C D Deshmukh, K G Ambegaokar, B N Adarkar, A Ghosh and C Rangarajan served as deputy governors before assuming the top job.7.40 pm: "Economy in good hands with Urjit Patel as RBI Governor. Globally respected, eminent economist, had strategic experience in BCG- great choice," RPG Enterprises Chairman Harsh Goenka tweets.

Economy in good hands with Urjit Patel as RBI Governor. Globally respected, eminent economist, had strategic experience in BCG- great choice

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— Harsh Goenka (@hvgoenka) August 20, 2016

Urjit Patel #RBI Governor will have a 360 degree view of the economy. Private sector- Reliance, MNC- BCG, semi govt- IDFC and govt- RBI.

— Harsh Goenka (@hvgoenka) August 20, 2016

7.30 pm: "Appointment of Dr Urjit Patel comes as a welcome move. Dr Patel has been at the helm of institutionalising the inflation targeting regime in the monetary policy framework. His appointment signals continuity of policy intent, both on part of RBI and Government," says SBI chief Arundhati Bhattacharya.7.25 pm: Urjit Patel is an outstanding choice for RBI top job says Rana Kapoor, CEO of Yes Bank. Balancing growth and inflation should be prime objective for Patel, he says.7.20 pm: Raghuram Rajan had said there are unfinished tasks to be completed, Patel will be able to continue from where Rajan has left, says KC Chakrabarty, former RBI deputy governor.7.10 pm: Time for India Inc to weigh in.Urjit Patel has worked closely with Rajan and his appointment signals a sense of continuity. It is important to signal that continuity and stablility. It is important for India Inc to battle the impact of currency volatility, Brexit, US elections. Need ensure growth is spurred and inflation is kept under a check, says Biocon chief Kiran Mazumdar Shaw.7.05 pm: Importance of deputy governor will grow in the next three years with Urjit Patel's appointment as new RBI Governor and there is post to be filled, says Pronab Sen, former advisor of Planning Commission. Urjit would want a person who would back his stance, he adds. 7.00 pm: Deputy RBI Governor SS Mundra says Patel's appointment will ensure smooth transition and continuation of RBI policies. Patel has always had clarity of opinion on various issues, this will benefit RBI, he adds.6.55 pm: There will be monetary policy easing and pressure on transmission of interest rates, says Ajay Srivastava of Dimensions Consulting. 6.50 pm: Urjit Patel's appointment will ensure continuity in monetary policy, says Nirmal Jain of IIFL.6.45 pm: Priority for Urjit Patel as the RBI Governor will be inflation. Bank NPAs will be another issue to focus on, says TV Mohandas Pai, Chairman, Manipal Global Education.6.40 pm: Former media advisor to former Prime Minister Manmohan Singh, Sanjaya Baru says "I speak as friend of Patel. I've known him for 25 years and I am impressed by his qualifications. At a point of time, Dr Manmohan Singh wanted him in the PMO." He adds Patel is a good choice.6.35 pm: Policies won't change in adhoc manner. Unlikely to see knee-jerk reactions on liquidity concerns from Dr Patel, says Chinoy.6.33 pm: Reactions coming in. Urjit Patel's announcement a strong signal government has sent out, says Sajjid Chinoy, Asia Economist at JP Morgan.6:20 pm:  The suspense is over Urjit Patel has been appointed Reserve Bank of India