RBI governor Urjit Patel appointed to replace Raghuram Rajan!
- The government promoted Urjit Patel to serve as the next RBI governor.
- He headed a panel that recommended landmark changes to monetary policy.
- Mr Patel will start his three-year term on September 4.
- NEW DELHI: The government on Saturday appointed Urjit Patel to replace RaghuramRajan as the RBI governor Finally .
- Therefore he will take charge on September 4, the day Raghuram Rajan completes his three-year term and steps down.
- While Raghuram Rajan had announced in June that he would step down in September and return to academia after a single three-year term at the RBI.
- Patel has been known as ‘inflation warrior’ of Rajan.And he will be the eighth Deputy Governor to be made Governor at RBI also .
- So “The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr Urjit Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. 04.09.2016,”
- The appointment has been made because of the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
- Prior to his appointment as the Deputy Governor at RBI in 2013, Patel was advisor (Energy and Infrastructure) with Boston Consulting Group.
- While he has also worked with Reliance Industries in the past.
About Urjit Patel:-
- Urjit R Patel (born 28 October 1963) is an Indian economist, consultant and banker also .
- Like Rajan, Patel has a doctorate in economics from Yale University too .
- In addition he did his M Phil. in Economics from Oxford University in 1986 and B.Sc (Economics) from University of London in 1984.
- He has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks too .
- Finnaly Patel joined the central bank on January 11, 2013, months before Raghuram Rajan took charge as the governor, and had been heading the monetary policy department also .
- Advisor, Boston Consulting Group
- President, Reliance Industries Limited- 2015
- Executive Director, Infrastructure Development Finance Company (1997-2006)
- Member, Integrated Energy Policy Committee, Government of India (2004-2006)
- Non-Executive Director, Gujarat State Petroleum Corporation Limited.
- Non-Executive Director, Multi Commodity Exchange of India Limited
- Deputy Governor, Reserve Bank of India.
- Governor, Reserve Bank of India (From 4th September, 2016 )