Money & Banking

Urjit Patel 24th Reserve Bank Governor

PTI New Delhi | Updated on January 17, 2018 Published on August 20, 2016

Reserve Bank of India Deputy Governor Urjit Patel will be the 24th Governor of RBI and will succeed Raghuram Rajan, who will demit office on September 4.

Patel, 52, joined RBI as Deputy Governor on January 11, 2013, and was given a second term in January.

As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank.

The Patel committee report also formed the basis of the monetary policy committee, which takes away a lot of powers of RBI and the governor, as also move to create a public debt management agency.

Under the independent monetary policy committee, which is being set up, the government will set an inflation target to RBI and the governor will be made answerable to Parliament if he/she fails to contain inflation within target.

Prior to his appointment as the deputy governor, Patel was Advisor (Energy & Infrastructure), The Boston Consulting Group.

He is a Ph.D. (Economics) from Yale University (1990) and M Phil from Oxford (1986) and has been a non—resident Senior Fellow at the The Brookings Institution since 2009.

Patel was with the International Monetary Fund (IMF) between 1990 and 1995, and worked on the US, India, Bahamas and Myanmar desks.

He was on deputation (1996-1997) from the IMF to the Reserve Bank of India and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market.

Patel was also a Consultant (1998-2001) to the Ministry of Finance, Department of Economic Affairs, New Delhi.

Some of his previous assignments include, President (Business Development), RIL; Executive Director and Member of the Management Committee, IDFC (1997-2006); Member of the Integrated Energy Policy Committee (2004-2006) and Member of the Board, Gujarat State Petroleum Corporation Ltd.

Between 2000 and 2004, Patel worked closely with several central and state high-level committees, such as, Task Force on Direct Taxes, Finance Ministry, Advisory Committee (on Research Projects and Market Studies), Competition Commission of India, secretariat for the Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Committee on Civil Aviation Reforms, Ministry of Power’s Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System.

Patel has authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.

Published on August 20, 2016

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
null
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.