24th Governor of RBI: Urjit Patel [ Current Affairs ]

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Dr. Urjit R Patel (52) appointed as 24th Governor of Reserve Bank of India (RBI) by Union Government for three year tenure, he will replace Dr. Raghuram Rajan a former International Monetary Fund chief economist.

Image of Dr. Urjit R Patel

Image of Dr. Urjit R Patel

Image of Dr. Urjit R Patel

  • Urjit Patel will take charge as Governor on 5th September 2016 after the tenure of Dr. Raghuram Rajan ending on 4th September 2016.
  • Since 2013 Urjit Patel was serving RBI as Deputy Governor of RBI and he is the 8th Deputy Governor who is elevated as Governor at RBI.
  • Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary had recommended name of Urjit Patel for the Post of Governor and Appointment Committee of Cabinet (ACC) had accepted their recommendation.

About Urjit Patel

  • Urjit Patel is an Indian Eminent Economist consultant and Banker.
  • He had completed his doctorate in economics from Yale University in 1990 and M Phil from Oxford (1986).
  • He is working in the financial, energy and infrastructure sectors from two decades.
  • Previously from 1990 to 1995, he had worked with the International Monetary Fund (IMF) covering the US, India, Bahamas and Myanmar desks.
  • He was appointed as Deputy Governor of RBI in January 2013 by replacing Dr. Subir Gokarn for three year term and also reappointed on January 2016.
  • The monetary policy framework review committee was headed by him and proposed monetary policy committee to set interest rates.
  • To control volatile prices had suggested targeting consumer inflation by shifting the current focus away from wholesale prices.
  • He had contributed a lot in several union and state government committees particularly based on market studies, direct taxes, anti-trust laws, Task Force on Infrastructure of Prime Minister and sectors like telecom, aviation, power and pensions.

- Published on: August 23, 2016