New Delhi: Urjit Patel on Monday took charge as the new Governor of the Reserve Bank of India (RBI). He succeeded Raghuram Rajan, whose three-year term ended on Sunday.
Urjit Patel assumed charge as the twenty-fourth Governor of RBI.
Here are few things to know about Raghuram Rajan’s successor Urjit Patel:
1. Urjit Patel has been the Deputy Governor of Reserve Bank of India since January 7, 2013.
2. Urjit Patel was born in Kenya on October 28, 1963.
3. The RBI governor has a bachelor’s degree from the London School of Economics and an M. Phil from Oxford University. He also has a doctorate degree in Economics from Yale University.
4. Urjit Patel was the expert commentator on UPA's first 100 days action plan.
5. He learnt Hindi and Gujrati after coming to India.
6. Urjit has worked with Reliance from 1997 to 2006.
7. He is the twenty-fourth Governor of RBI.
8. According to a Business Standard report, Patel's appointment at the RBI under the then governor D Subbarao in 2013 had surprised many, considering a hard-hitting report he authored with late Gangadhar Darbha in 2012 after the government quietly moved away from its medium-term objective of 3 percent inflation. "What is clear is that persistence of elevated inflation is agreeable to some policy makers. The authorities want to take credit for India's growth performance but stay blameless on the price front- a case of heads I win, tails you lose," the BS report quoting a Brookings report.