Reserve Bank of India Governor Bimal Jalan is to step down on September 6 and hand over charge to Y V Reddy.
Jalan, who has been nominated to the Rajya Sabha, will hand over charge to Reddy on Saturday, an RBI spokesperson said in Mumbai on Wednesday.
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Reddy (60) was RBI deputy governor in-charge of monetary policy before taking over as executive director of International Monetary Fund.
A career bureaucrat, he and Jalan had guided India safely through the Asian financial crisis in late 1990s.
Earlier, Jalan had planned to retire in early October after attending the IMF-World Bank annual meeting in September-end.