Urjit Patel succeeds Raghuram Rajan as new RBI Governor

| Saturday, August 20, 2016 - 19:18
First Published |
Urjit Patel announced as new RBI Governor, Urjit Patel, Raghuram Rajan, RBI Governor, Reserve Bank of India, Prime Minister, Narendra Modi, Finance Minister, Arun Jaitley

New Delhi: The long speculations finally ended when Urjit Patel's name was announced as the new Reserve Bank of India (RBI) Governor. Urjit Patel will be replacing the current RBI Governor Raghuram Rajan.
Currently, Urjit Patel is RBI's deputy governor and is in charge of monetary policy. Patel has worked with Boston Consulting Group and Reliance Industries. He is Doctorate in Economics from Yale and M. Phil from OxfordNoteworthy. He has also been a key architect of India's inflation target and rate-setting panel. Urjit Patel is 52 years old.
Raghuram Rajan's term as the head of the Central Bank expires on September 4.
Raghuram Rajan and Subramanian Swamy's verbal tussle is well known. After Reserve Bank of India Governor Raghuram Rajan confirmed that he would not be extending his term in the office, Bharatiya Janata Party (BJP) leader Subramanian Swamy had said that his doubts had been proven.
Not relenting on his attacks against the RBI Governor who he said earlier was not a 'true Indian’, Swamy said that he had always suspected that Raghuram Rajan was a Congress agent since the BJP came to power.
"He sabotaged our economy by trying to put all small medium industries out of business," said the BJP leader, who has always been vocal about the RBI governor as a 'detrimental' contribution to the Indian economy.
Swamy had earlier tweeted "Say Goodbye!" to Rajan's announcement that he was not going to serve his second term as RBI governor and was returning back to academia.

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