Urjit Patel: 5 Things To Know About New RBI Governor
Urjit Patel, deputy governor of the Reserve Bank of India since 2013, will be the new governor of the central bank. Mr Patel will replace popular central banker Raghuram Rajan, whose current three-year term ends on September 4.
Mr Patel is the first RBI governor to be chosen by Prime Minister Narendra Modi.
Born on October 28, 1963, Mr Patel has an M. Phil in economics from Oxford University and a PhD in economics from Yale University in the US.
Mr Patel has run the RBI's monetary policy department since 2013. He headed a panel that recommended landmark changes in the monetary policy formulation of the central bank. According to a Nomura note, Mr Patel is considered a 'hawk' on his monetary policy stance.
Prior to joining RBI, Mr Patel was an adviser with the Boston Consulting Group. He spent a decade in the financial sector and was a president at Reliance Industries.
Like Dr Rajan, Mr Patel has the International Monetary Fund on his CV, having worked at the IMF in the 1990s on desks including the US, Myanmar and India.