Saturday, 20 August 2016

Urjit Patel is new RBI Governor : Five things you need to know about new RBI governor

Dear Readers,
"The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr. Urjit R. Patel as New Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. 04.09.2016," a press note said.

A finance ministry statement said on today 20th August 2016 that Urjit Patel appointed 24th RBI governor, will hold post for 3 years to replace Raghuram Rajan. Currently Urjit Patel, Reserve Bank of India (RBI) deputy governor, will take over as the central bank’s new head.

Patel will assume office as the 24th RBI governor for three years on September 5, a day after Rajan’s term ends.

Urjit Patel will take charge on September 4th, 2016. Patel has been known as 'inflation warrior' of Rajan and will be the eighth Deputy Governor to be made Governor at RBI

Let’s have a look at the Profile of the new Governor of RBI:

  1. He is a PhD (economics) from Yale University (1990) and MPhil from Oxford (1986).

Prior to his appointment as the deputy governor at the RBI, he was:

  • Advisor (energy & infrastructure), The Boston Consulting Group. 
  • Non-resident Senior Fellow, The Brookings Institution since 2009.
  • Was with the International Monetary Fund (IMF), where he worked on the US, India, Bahamas and Myanmar desks.
  • Was on deputation from the IMF to the RBI.
  • Also served the government in various positions during the NDA-I regime. 
  • Served as a consultant to the ministry of finance, department of economic affairs, New Delhi.

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