Urjit Patel takes over as 24th RBI governor

NEW DELHI(PTI): Dr Urjit Patel has taken over as the 24th Reserve Bank of India governor after Raghuram Rajan stepped down from his post on Sunday.

Patel was the deputy governor at the central bank for three years, before being reappointed for another three-year term in January this year. He was incharge of monetary policy at the apex bank.

A notification on the RBI, making the announcement said, Among his assignments as deput governor, Dr Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework. 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), a swap line framework among the central banks of these countries.”

The government made the announcement of his appointment, two months after Rajan announced his decision of not seeking a second term at the central bank.

Patel also led the committee which recommended inflation target and the monetary policy committee, both the measures now in place in the system.

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Patel served at the International Monetary Fund (IMF), He was on deputation from the IMF to the Reserve Bank during 1996-1997.

He was a Consultant to the Ministry of Finance (Department of Economic Affairs), Government of India, from 1998 to 2001. He has also had other assignments in the public and private sectors.

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Dr. Patel has a Ph.D in economics from Yale University, an M. Phil from University of Oxford and a B. Sc. from the University of London.

Patel is expected to give the closest feel to a second term by Raghuram Rajan. Under his watch, the RBI is unlikely to depart much from its existing policies,