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The appointment of Deputy Governor Urjit Patel as the next Governor of Reserve Bank of India is a sign of continuity in policy making, say industry veterans.
Incumbent Governor Raghuram Rajan’s three-year term ends on September 4, 2016.
State Bank of India Chairman Arundhati Bhattacharya said “Appointment of Urjit Patel comes as a welcome move. Dr. Patel has been at the helm of institutionalizing the inflation targeting regime in the monetary policy framework. His appointment signals continuity of policy intent, both on part of RBI and Government.”
Welcoming the elevation of Patel as Governor, Rana Kapoor, MD & CEO, YES Bank, said he is confident that this transition will ensure efficient monetary policy management.
“…..He will continue to de-risk the Indian economy and strike the fine balance between growth imperatives and inflation management.”
Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said CII is confident that the new Governor will lead the Central Bank and take its developmental and regulatory agenda to new heights.
Gagan Banga, Vice Chairman & MD, Indiabulls Housing Finance Limited, said "In the current context of the economy where the fiscal and monetary policy need to work together, continuity of a monetary policy expert as RBI Governor will be viewed very positively by the International Rating and Investing Community and will work to India's advantage over the medium term."
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