Deputy RBI governor Urjit Patel's contract of service may be extended for another three years. Although about a dozen candidates had applied for the job, the government is said to have decided to extend Patel's tenure to maintain continuity at a time when reform initiatives such as the monetary policy committee and public debt management agency are underway. Patel, seen as a key lieutenant of Governor Raghuram Rajan has been involved in some of the changes in the way RBI does things. Since no vigilance clearance is required for Patel, the appointments committee of cabinet (ACC) may soon announce its approval.