All you need to know about the new RBI governor Urjit Patel

Raghuram Rajan has handed over the reins of Reserve Bank of India to his successor Urjit Patel on Monday as his three year term ends. Rajan may have been termed as the common man’s central banker but there is much to look forward from the term of Yale and Oxford educated economist Urjit Patel.

“I am confident that Urjit Patel, who has worked closely with me on monetary policy for the last three years, will ably guide the Monetary Policy Committee going forward in achieving our inflation objectives,” Rajan had said after the announcement of Patel’s appointment as his successor.

Who is Urjit Patel?

One of the RBI's four deputy governors, Urjit Patel, 52, is an eminent scholar, consultant and banker. He was reappointed as RBI’s deputy governor in January for another three years. He has also run the central bank's monetary policy department since 2013 and is considered as a leading contender for the governor's job.

As Deputy Governor of RBI, Patel looks after Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.

Also Read:

Urjit Patel takes over from Raghuram Rajan as RBI Governor

Raghuram Rajan confident Urjit Patel will go forward in achieving inflation goals

Raghuram Rajan will be returning to academia after his term ends

Viewed 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.

Urjit Patel was Responsible for RBI’s report on switching to retail inflation targeting. He is also in charge of the crucial monetary policy department.

Besides, Patel was also Advisor of the Boston Consulting Group.

His early life

A PhD from Yale University and an M. Phil from Oxford University, he has also worked with the International Monetary Fund and has experience in energy and financial sectors too. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
Professional career

After obtaining his PhD, Dr. Patel joined the International Monetary Fund in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995.

Subsequently, he went on deputation to IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.

After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs - a position he held from 1998 to 2001.

Between 2000 and 2004, Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.