Insider picked to run India's central bank

As in a number of other countries earlier this year, an internal candidate was chosen to lead the nation's central bank in India.

Reserve Bank of India Deputy Governor Urjit Patel, the architect of the RBI's transformation into an inflation targeter, was promoted to start a three-year term as the central bank's head on Sept. 4. He will replace Raghuram Rajan, a former International Monetary Fund chief economist feted, according to Reuters, as a "rock-star" central banker by investors.

Communication will be a key challenge in the face of above-target inflation.

Reuters reports, quoting "one RBI official who has worked with Patel":

"At a time when RBI policy will be decided by a monetary policy committee, good communication skills are a necessity, which are lacking in him."