Urjit Patel assumes charge as new RBI Governor

In Banking and Finance
September 5, 2016

Urjit Patel has assumed charge as the 24th governor of the Reserve Bank of India, announced the central bank.

• >>He has taken over from Raghuram Rajan with effect effective September 4, 2016. The formal oath taking ceremony will be held Tuesday as September 4 was Sunday and September 5 was closed on account of Ganesh Chaturthi.

• >>patel was serving as RBI’s deputy governor since January 2013 and was in charge of monetary policy. Among his assignments as deputy governor, Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework.

• >>Patel, who did his Ph.D in Economics from Yale University, had earlier served at the International Monetary Fund (IMF). He was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market.

• >>He was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market.

• >>Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA).

• >>Patel was a consultant to the Ministry of Finance from 1998 to 2001 and had worked closely with several central and state government high level committees, including the Task Force on Direct Taxes (Kelkar Committee), the High Level Expert Group for Reviewing the Civil & Defence Services Pension System, the Prime Minister’s Task Force on Infrastructure, the Group of Ministers on Telecom Matters.