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RBI Announces Urjit Patel as the Next Governor
BENGALURU: Former Deputy Governor of the Reserve Bank of India, Urjit Patel, was instilled as the Governor of the RBI on Sunday, the 4th of September, in an off-media ceremony. The news was made official on Tuesday, the 6th, as Monday was a holiday.
Breaking from tradition, Dr. Patel held no press conference to give his plan of action. He has shied away from addressing the media, unlike his predecessor Raghuram Rajan who was very vocal about his opinions and stressed on transparency.
Born in Kenya, Dr.Patel did his Bachelor’s degree in Economics from the London school of Economics and his M.Phil degree from Oxford University. Later he received his doctorate in economics from Yale University.
After obtaining his PhD, he joined the International Monetary Fund (IMF) India desk between 1991and1995. He was later deputized to the RBI in an advisory committee in the field of development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.
Dr.Patel has also held high positions in many of the higher offices in both the state and the centre including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.
Having served as Rajan’s deputy, one would hope that Dr.Patel would have well analyzed all the pros and cons of his predecessor’s tenure and would come out with the plans to develop the economy grow further. The press is eager for him to address them at the earliest, although his plans remain unknown.
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