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(L-R) RBI Deputy Governors HR .Khan, Reserve Bank of India, (RBI) Governor Raghuram Rajan and Deputy Governors Dr Urjit Patel, conference the Bi-monthly Monetary Policy Review at Reserve Bank of India (RBI) headquarter in Mumbai on Tuesday. Express Photo by Ganesh Shirsekar. 02.06.2015. Mumbai.

Urjit Patel appointed new RBI Governor, Read to Know about him

Eminent economist, consultant and banker Urjit Patel was on Saturday appointed new Governor of the Reserve Bank of India. Patel will replace Raghuram Rajan, a former International Monetary Fund chief economist who stunned financial markets in June by announcing he would step down in September and return to academia after a single three-year term at the RBI.

The tenure of Raghuram Rajan is ending on September 4.

The appointment has been made on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary. The committee undertook an extensive exercise to suggest a panel of names to the appointment committee of cabinet (ACC).

One of the RBI’s four deputy governors, Patel, 52, was reappointed in January for another three years. He has run the central bank’s monetary policy department since 2013.

Seen as a close lieutenant to Rajan, Patel headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices. The changes he helped drive are considered to be among the most significant monetary policy reforms since India opened up its economy in 1991.

Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986). He has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks.

He will be the eighth Deputy Governor to be made Governor at RBI.

RBI’s Deputy Governor Urjit Patel was on Saturday appointed as the next Governor of the central bank after Raghuram Rajan demits office on September 4.

He was first appointed as Deputy Governor for three years in January 2013 and was given an extension this January. He has run the RBI’s monetary policy department since 2013 and was being viewed as a leading contender for the governor’s job.

Patel has headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices. The changes he helped drive are considered to be among the most significant monetary policy reforms since India opened up its economy in 1991.

Patel, whose remit at the RBI included managing money markets, has faced criticism from market participants, however, with some traders and bankers complaining that he kept liquidity tight at a time when the RBI was lowering rates, starving banks of cash.

Patel did BA from the London School of Economics and obtained M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990.

Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986).

He has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks. Interestingly, he joined IMF as a Kenyan citizen.

He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.

Despite having no media exposure in India, Patal also became an expert commentator of the UPA government’s ‘100 day’ action plan in 2009 in TV debates.

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.

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