Thank you everyone for your warm wishes! I will give my best to live up to the expectation of people.
— Urjit Patel (@UrjitPatel_) August 20, 2016
Urjit Patel, current deputy governor and architect of inlfation policy for the central bank, has been appointed new governor of the Reserve Bank of India, to succeed Raghuram Rajan who has apparently decided not to seek a second term.
Patel, 52, was first appointed RBI’s deputy governor on 11 January 2013 and had his term extended in 2013. Prior to his stint with RBI, Patel was advisor (energy & infrastructure), the Boston Consulting Group.
A Ph.D. in economics from Yale University (1990) and MPhil from Oxford (1986), he was a non-resident Senior Fellow at the Brookings Institution from 2009 to 2011.
Between 1990 and 1995, Patel worked with the International Monetary Fund (IMF) in-charge of the US, India, Bahamas and Myanmar desks. In 1996-97, he was on deputation from the IMF to the RBI to advise on the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market. During 1998-2001, he served as a consultant to the ministry of finance.
During his tenure at the RBI Patel was seen as a close lieutenant of Raghuram Rajan and e was instrumental in introducing major changes in the monetary policy formulation of the central bank.