Urjit R Patel appointed as RBI governor succeeding Raghuram Rajan

Urjit R Patel appointed as RBI governor succeeding Raghuram Rajan
Highlights

Patel, 52, a Deputy Governor since January 2013, will take over as the 24th chief of India\'s central bank on September 4.

Indian government on saturday named economist and banker Urjit R. Patel the next Governor of the Reserve Bank of India (RBI) to succeed Raghuram R. Rajan on 20 August 2016. Patel, 52, a Deputy Governor since January 2013, will take over as the 24th chief of India's central bank on September 4.

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. Thereafter he went on deputation the 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, Dr. 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, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information. He is now appointed as the governor of Reserve Bank Of India to succeed Raghuram Rajan when his term expires on September 2016.

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