As evident in the news buzz, there has been a lot of ambiguity regarding the successor of Raghuram Rajan, the 23rd Governor of RBI. State Bank of India chairperson Arundhati Bhattacharya and Urjit Patel, deputy governor, RBI were among a few contenders for the post of governor at the Reserve Bank of India.
After a deep analysis and discussion, Dr. Urjit R Patel has been appointed as the 24th RBI Governor for three years with effect from September 04, 2016.
About Dr. Urjit Patel
- Urjit R. Patel was born on October 28, 1963.
- He is an Indian economist, banker and consultant.
- As the deputy governor of RBI, he played an important role in monetary policy, statistics and information management, economic policy research, and Right to Information.
Educational background of Dr. Urjit Patel
- Patel earned his Bachelor’s degree in Economics from the London School of Economics, M. Phil. degree from the Oxford University in 1986.
- He is a doctorate in Economics from the Yale University.
Career progression of Dr. Urjit Patel
- Urjit Patel joined the International Monetary Fund (IMF) in 1990 and worked till 1995. Thereafter, he was posted on deputation to the Reserve Bank of India.
- He has been a non-resident Senior Fellow of The Brookings Institution.
- In 1998, Patel was appointed as the consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs.
- From 2000 to 2004, Dr. Patel worked with the central and state government including Competition Commission, direct taxes, market studies, anti-trust laws, Prime Minister’s Task Force on Infrastructure and sectors like telecom, aviation, power and pensions.
- He also worked with many renowned private sector organizations, namely, Reliance Industries, Board Member of the Gujarat State Petroleum Corp. and Infrastructure Development Finance Company.
- In 2013, Urjit Patel was appointed as the Deputy Governor of RBI.
Why Dr. Patel as the new RBI governor?
Dr. Patel is a macroeconomic expert and has both domestic and international experience. Moreover, he has also worked in the IDFC for a couple of years.
Dr. Urjit Patel is the author of the report on which the present monetary policy framework is based. Dr. Patel is open to new economic ideas pertaining to the global financial crisis. So, there should be a person to ensure such ideology and understand the current challenges.
Major challenges before Dr. Patel as the RBI governor
- Introduction of Monetary Policy Committee
- Tackling Rising Inflation
- Bad loan mess
- FCNR deposit Redemptions
- Managing Political and Industry Expectations
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