Urjit Patel

Urjit Patel
Urjit Patel is an Indian economist and currently serving as the 24th Governor of the Reserve Bank of India (RBI). He has also been a consultant, banker as well as the Deputy Governor of RBI. As the deputy Governor, he was responsible for monetary policy, Right to Information, economic policy research, statistics and information management, deposit insurance and communication. After the end of Raghuram Rajans term as the Governor of Reserve Bank of India on 4th September 2016, Urjit Patel succeeded him as the new Governor of the RBI and he took charge on 6th September 2016. Born on 28th October 1963 in Kenya, Patel completed his Bachelors in Economics from London School of Economics and later he received his M. Phil. Degree from Oxford University in 1986. He then received his doctorate in Economics from Yale University in 1990. After completing his studies and obtaining his Ph.D, Dr. Patel joined the International Monetary Fund (IMF) in 1990. He was posted to IMF country mission in India from 1992-95. He was also posted to USA, Bahamas and Myanmar desks till 1995. Thereafter he went on deputation to RBI as an advisor and played an important role in the development of the debt market, pension fund reforms, banking sector reforms and targeting of the real exchange rate. In 1998, after completing two years deputation with RBI, he became the Consultant to the Indian Government and worked in the Ministry of Finance, Department of Economic Affairs. He held this position till 2001. From 2000 to 2004, Patel was a part of many high level committees at the Centre as well as State level and worked with committees like Competition Commission, Prime Ministers Task Force on Infrastructure, Task forces on Direct Taxes, Expert Group on State Electricity Boards, Advisory Committee on Research Projects and Market Studies, Group of Ministers on Telecom Matters and High level expert group n Civil and Defence Services Pension System. Since 2009, he has also been a non-resident Senior Fellow at the Brookings Institution. He Succeeded Subir Gokarn to the Post of Deputy Governor of RBI and was appointed for a period of three years. He played an important role after he took over the charge of vital Monetary Policy Department. He was appointed as the governor of RBI on 20th August 20116 succeeding Raghuram Rajan and he took over the post on 6th September 2016. Urjit Patel came into media exposure for the first time in 2009 as the expert commentator on UPAs 100 day action plan after the UPA government announced the 100 day action plan after coming to power for the second term. This was Urjit Patels first media exposure. Before becoming the Governor of RBI, he has also held other important positions like Advisor of the Boston Consulting Group, President of Business Development in Reliance Industries. HE WAS ALSO THE Executive Director of Infrastructure Development Finance Company from 1997-2006 and was a member of the integrated Energy Policy Committee for Government of India from 2004 to 2006. He has also been the Non-Executive Director of the Gujarat State Petroleum Corporation and Multi Commodity Exchange of Indi Limited. The economy experts in the country are keeping an eye on Urjit Patel and he has the responsibility to control the inflation and all of his policies will be compared with the Former Governor Raghuram Rajan.
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