New Delhi :
Urjit Patel is appointed as new Governor of the Reserve Bank of India (RBI). Eminent economist, consultant and banker, Patel will succeed Raghuram Rajan as the RBI chief once he steps down on September 3.
One of the RBI's four deputy governors, Urjit Patel, 52, was reappointed 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.
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.
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.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post.
He is now appointed as RBI Governor with effect from September 4 this year.