Urjit Patel assumes charge as RBI's 24th governor

Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today.

PTI September 05, 2016 12:58:21 IST
Urjit Patel assumes charge as RBI's 24th governor

Mumbai: Urjit Patel has assumed charge as the 24th Governor of Reserve Bank, succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended yesterday.

Urjit Patel assumes charge as RBIs 24th governor

New RBI governor, Urjit Patel

Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today.

He was reappointed as deputy governor on January 11, 2016, after the completion of his first three-year term in office. Among his assignments as deputy governor, Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework.

"Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries," RBI said.

He has also served at the International Monetary Fund (IMF). Patel was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking reforms, pension reforms, and evolution of the foreign exchange market.

He was a Consultant to the Ministry of Finance from 1998 to 2001. He also had other assignments in public and private sectors, including with Reliance Industries, IDFC Ltd, MCX Ltd and Gujarat State Petroleum Corporation.

Dr Patel, as he is commonly referred to as, has worked closely with several central and state government high level committees. These include the Task Force on Direct Taxes, the High Level Expert Group for Reviewing the Civil & Defence Services Pension System, the Prime Ministers Task Force on Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms and the Ministry of Powers Expert Group on State Electricity Boards.

He has several publications in areas of Indian macroeconomics, monetary policy, public finance, financial sector, international trade, and regulatory economics, the RBI said.

Patel has a PhD in economics from Yale University, an M Phil from University of Oxford and a BSc from the University of London.

Updated Date:

also read

COVID-19 impact: Experts in overseas education on how Indian students can navigate new challenges while applying
Lifestyle

COVID-19 impact: Experts in overseas education on how Indian students can navigate new challenges while applying

Study Abroad platforms that provide guidance, test prep and other essential services to students have been especially hard-pressed to rise to the practical challenges posed by COVID: closed borders or travel bans, slowdowns in visa appointments, cancelled exams, vaccination or quarantine requirements, and students’ understandable unease with online-only courses.

Growing convergence between India, G7 on China threat makes Cornwall meet crucial for New Delhi
World

Growing convergence between India, G7 on China threat makes Cornwall meet crucial for New Delhi

The references to China, direct and indirect, at the G7 Summit are helpful from India’s point of view in taking cognisance of the mounting Chinese threat with which the country is now confronted more openly and durably

Esther Duflo, Raghuram Rajan, Arvind Subramanian on economic advisory panel, says Tamil Nadu guv
India

Esther Duflo, Raghuram Rajan, Arvind Subramanian on economic advisory panel, says Tamil Nadu guv

The council is to prepare a roadmap for 'rapid' and inclusive economic growth of the state, Banwarilal Purohit said in his first address to the House