Urjit Patel appointed as new RBI Governor for 3 year term

Noted economist, consultant and banker Urjit Patel was on Saturday (20/8/2016)  appointed new Governor of the Reserve Bank of India. The tenure of the present governor Raghuram Rajan is ending on September 4. 52-year-old Dr Patel is currently serving his second consecutive term as deputy governor of the Reserve Bank. He has run the central bank’s monetary policy department since 2013. The appointment has been made on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary. Urjit R Patel headed a committee that paved the way for the proposed monetary policy committee. He is considered as the architect of a switch to formally target inflation, among other changes.
Union Government on 8 Janury 2016 was re-appointed Dr Urjit R Patel, as Deputy Governor of Reserve Bank of India (RBI), for a second three-year term.
Patel who had joined RBI on 11 January 11, 2013 had headed a committee that paved the way for the proposed monetary policy committee. Patel, a doctorate from Yale University, also had a stint at IMF.

About Urjit Patel

1. Urjit R Patel (born 28 October 1963) is an eminent economist, consultant and banker, currently appointed as Governor of the Reserve Bank of India.
2. He was also Advisor of the Boston Consulting Group. As Deputy Governor of RBI, Dr Patel looks after Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.
3. Currently apointed as 24th RBI Governor replacing Dr Raghuram Rajan.
4. Dr. Patel obtained his BA from the London School of Economics and pursued his Ph.D. from Yale University.

His Salary

  • As India’s top banker, Patel’s primary duty is to keep prices stable and ensure credit flow to companies and individuals.
  • He will lead a team of about 17,000 and draw a salary of about Rs 200,000 per month besides allowances and perks.


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