Urjit Patel replaces Raghuram Rajan as RBI Governor for a 3-year term

Urjit Patel new RBI-Governor


Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary recommended Urjit Patel for 24th Governor of The Reserve Bank of India.

For the appointment of new RBI Governor, Finance Minister Arun Jaitley discussion held an hour-long discussion with Prime Minister Narendra Modi. On September 4, the current RBI Governor in charge Raghuram Rajan will complete 3 years of leadership and Dr. Patel will take the charge.

For more than three years Dr. Patel has been serving as Deputy Governor of the Central Bank.

Government said, “The appointments committee of the cabinet (ACC) has approved the appointment of Dr. Urjit R Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. from 4th September 2016.”


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According to a senior official of Reserve Bank of India Urjit Patel was particularly chosen by the IMF in 1996-97 to provide advice on the development of the debt and currency markets in India, as also on banking and social security net reforms.

Due to his expertise in inflation-control, which has become the main task of the central bank, ever since the government, under a statute, set it a target of 4 percent, plus or minus two percentage points, based on consumer price index.


Facts about the new RBI Governor


Patel, born on October 28, 1963, completed his doctorate in economics from Yale University in 1990 and M Phil from Oxford University in 1986.


Patel has been a Senior Fellow at the Brookings Institution since 2009.


He has worked with International Monetary Fund (IMF) to Reserve Bank of India in 1996-1997.


Between 1998 and 2001, Patel served as a consultant in the Department of Economic Affairs at the Ministry of Finance.


He has been a consultant in the various economic fields. He has consultant department of Economic Affairs in India’s Finance Ministry. Also has been an advisor on energy and infrastructure at The Boston Consulting Group.


He has served as president of Business Development at Reliance Industries Limited from 1997 to 2006.


He worked closely with several high-level Central and State government committees such as the Task Force on Direct Taxes, the Ministry of Finance, and the Secretariat for the Prime Minister’s Task Force on Infrastructure.


Patel is authorized for technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of  With a hope that his knowledge and wisdom will definitely take Indian Economy to higher scales. Eduncle wishes Mr. Urjit Patel good luck for his tenure as a RBI Governor.


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