Urjit R. Patel will take over the charge as new RBI Governor on 4th September.
The Oxford educated banker is currently the Deputy Governor of RBI, a post he has held for more than three years.
He is running the central bank’s monetary policy department since 2013.
Mr Patel is best-known for preparing a report that helped India shift to an inflation targeting regime for setting interest rates.
Urjit Patel be the 24th Governor of the Reserve Bank of India.
About Urjit Patel:
The Kenya born Patel has a Bachelor’s degree in Economics from the prestigious London School of Economics.
Furthermore, he did M. Phil. from Oxford University in 1986 and received his doctorate in Economics from Yale University in 1990.
He joined the International Monetary Fund (IMF) in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995.
Later on he went on deputation from IMF to the RBI. In RBI he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.
During 1998-2001, he served as a consultant to the ministry of finance, department of economic affairs, New Delhi.
During his tenure as the RBI Governor, Patel has worked closely with Raghuram Rajan. He headed a committee that introduced landmark changes in the monetary policy formulation of the central bank.
Dr. Patel served as president of Business Development at Reliance Industries Limited from 1997 to 2006.
In addition he has also held the position of adviser on energy and infrastructure at The Boston Consulting Group.