Urjit Patel Appointed as the Next Governor of Reserve Bank of India(RBI)Succeeding Raghuram Rajan

India has a new Reserve Bank of India (RBI) Governor in Urjit Patel, a top Government official said.

52 year Patel was a RBI Deputy Governor prior to this elevation. 

Urjit Patel has been appointed as RBI Governor for a period of three years with effect from Sep 04,2016

This appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary. 

This committee had met twice to discuss all the possible names that can be considered for this assignment and had submitted a short panel of names to the Appointments Committee of the Cabinet (ACC). 

The incumbent RBI Governor Raghuram Rajan demits office on September 03,2016

It may be recalled that Patel was given a second-term of three years at the RBI this January.

Urjit Patel was Responsible for RBI’s report on switching to retail inflation targeting. He is also in charge of the crucial monetary policy department. 

A PhD from Yale University and an M. Phil from Oxford University, he has also worked with the International Monetary Fund and has experience in energy and financial sectors too. 

Prior to his appointment as the Deputy Governor of the Reserve Bank, Patel was Advisor (Energy and Infrastructure) at The Boston Consulting Group.