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RBI governor Urjit Patel appointed to replace Raghuram Rajan

RBI governor Urjit Patel appointed  to replace Raghuram Rajan!

RBI new governor Urjit Patel 1

HIGHLIGHTS:-

  • 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.
RBI governor Urjit Patel 1

RBI new governor Urjit Patel 1

Details:-

  • 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.

RBI new governor Urjit Patel 2

  • 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,”
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Urjit Patel rbi new governor press note 1

  • 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:-

RBI new governor Urjit Patel 4

  • 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 .
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RBI new governor Urjit Patel 5

Important positions:-

  • 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 )

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