Urjit Patel has been appointed as new Reserve Bank of India governor. He’ll hold the post for three years starting September 4.
Patel, a banker and economist, has served on various government panels and as an advisor in the finance ministry. A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
He will replace Raghuram Rajan, a former International Monetary Fund chief economist who stunned financial markets in June by announcing he would step down in September and return to academia after a single three-year term at the RBI.
Early life and education
Patel obtained his BA from the London School of Economics [LSE, University of London], M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990.
He was at IMF India desk during the 1991-1994 transition period. He was posted to IMF country mission in India 1992-1995. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009
Important positions held by Urjit Patel
- Advisor, Boston Consulting Group
- President, Reliance Industries Limited- 2015
- Executive Director, Infrastructure Development Finance Company (1997-2006)
- Member, Integrated Energy Policy Committee, Government of India (2004-2006)
- Non-Executive Director, Gujarat State Petroleum Corporation Limited.
- Non-Executive Director, Multi Commodity Exchange of India Limited
- Deputy Governor, Reserve Bank of India.
- Governor, Reserve Bank of India (From 4th September, 2016 )