After Long Suspense, Urjit Patel Announced The Next RBI Governor. Know About Him

The Logical Indian

August 22nd, 2016 / 6:14 PM

Image Courtesy: Times Of India

After a long wait of suspense and a lot of speculation by the media, the government of India on Saturday announced that Urjit Patel would be the new governor of Reserve Bank Of India (RBI) replacing Raghuram Rajan.

He is from Kenya and his grandfather migrated there.

Patel who is currently one of the four deputy governors of RBI had joined on January 7, 2013. He will be India’s 24th RBI Governor. The appointment has been made based on recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC). He was till his appointment to RBI as deputy governor on the board of the Gujarat State Petroleum Corporation.

In 2014, Patel headed a committee that recommended that Reserve Bank of India (RBI) should follow an inflation-targeting approach, using consumer price inflation as the base, and a committee of the central bank and not the governor take the call on monetary policy.

A Ph.D. in economics from Yale University and an M.Phil from Oxford, Patel was an advisor to the Boston Consulting Group before his stint at the RBI. He served as the Chief Policy Officer at IDFC Limited from 1997-2006. He also served as a consultant to the Ministry of Power, Department of Economic Affairs, New Delhi from 1998 to 2001 and served at the International Monetary Fund and with a think-tank, The Brookings Institution. He has been the President (Business Development) of Reliance Industries in the past.

Many consider Patel to be a ‘hawk’ on his monetary policy stance and for keeping liquidity tight at a time when the RBI was lowering rates.

Patel has beaten former deputy governors Rakesh Mohan and Subir Gokarn and State Bank of India Chairman Arundhati Bhattacharya in the race to the Governor’s position. He will begin his three-year term on Sept. 4.

He has a major responsibility on his shoulder as he will be taking charge at a time when consumer inflation had accelerated to 6.07 per cent in July, whereas, it was targeted to bring down to 5 per cent by March. He will also have to put on efforts to clean up bad loans from the different banks of India.


Contributors

Edited by :

Share your thoughts..

Related Stories

delhi air pollution diwali

Defying SC Order, Delhi Bursts Crackers All Night Long, Chokes The Next Day

show cause notice RBI

CIC Slaps Show-Cause Notice On RBI Governor For Non-Disclosure Of Willful Defaulters’ List

Viral Acharya

Govt Plays T20 While RBI Plays Test Match: RBI Deputy Governor’s Speech Raises Questions On Autonomy

RBI Deputy Governor Position Vacant For The Last Seven Months

Contractor Records Audio Clip Of Maharashtra MLA Harassing Him For Money, BJP Says Won’t Give Ticket Next Time

Meet The First Indian To Became RBI Governor Of India After Britishers

Latest on The Logical Indian

News

Chaos In France: Over 1200 Arrests, Widespread Violence & Protests Force President To Break His Silence

Get Inspired

An Act Of Kindness: Man Gives His First-Class Seat To A Mother And Her Ailing Child

News

Over 22 Lakh Voters’ Names Missing From Telangana Voter List; Chief Election Officer Says, “I Am Sorry”

My Story

My Story: “He Was The Only One Who Agreed To Go By Meter But Later Took Rs 1100 For 9 Kms”

News

“Stop Adani”: Thousands Of Australians Protest Against Adani Coal Mine Construction

News

Noida: Man With No Smartphone Loses Rs 6.8 Lakh Through UPI App Fraud

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.