Urjit Patel appointed as the new Governor of RBI

Urjit Patel has been appointed as new Reserve Bank of India governor. He’ll hold the post for three years starting September 4.

Patel, a banker and economist, has served on various government panels and as an advisor in the finance ministry. A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.

He will replace Raghuram Rajan, a former International Monetary Fund chief economist who stunned financial markets in June by announcing he would step down in September and return to academia after a single three-year term at the RBI.

Early life and education

Patel obtained his BA from the London School of Economics [LSE, University of London], M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990.

He was at IMF India desk during the 1991-1994 transition period. He was posted to IMF country mission in India 1992-1995. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009

Important positions held by Urjit Patel

  • Advisor, Boston Consulting Group
  • President, Reliance Industries Limited- 2015
  • Executive Director, Infrastructure Development Finance Company (1997-2006)
  • Member, Integrated Energy Policy Committee, Government of India (2004-2006)
  • Non-Executive Director, Gujarat State Petroleum Corporation Limited.
  • Non-Executive Director, Multi Commodity Exchange of India Limited
  • Deputy Governor, Reserve Bank of India.
  • Governor, Reserve Bank of India (From 4th September, 2016 )