Things you should know about Dr. Urjit R Patel - the New Governor of RBI

New Delhi, Aug 22 (KNN) Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4th September, 2016.

The Ministry of Finance said, “He will replace the present RBI Governor Dr. Raghuram Rajan.”

Dr Patel is presently the Deputy Governor of RBI and is holding this assignment since 2013.

A panel under his chairmanship had proposed inflation-targeting and the setting up of a monetary policy committee.

He completed his Bachelor’s Degree in Economics from the London School of Economics, and went on to do an M. Phil from Oxford University in 1986, and PhD from Yale University in 1990.

Born in Kenya, Patel studied in the UK and the US before moving to India.

After finishing his education, Patel worked for IMF desks in the U.S., India, Bahamas and Myanmar.

Later in 1996, Patel was deputed from the IMF to the RBI, where he played an important role in development of debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market in India.

He served as a consultant to the Ministry of Finance, Department of Economic Affairs between 1998 and 2001.

Between 2000 and 2004, Patel had worked with several Central and State government committees such as the Task Force on Direct Taxes, the Ministry of Finance, and the Secretariat for the Prime Minister’s Task Force on Infrastructure. He had also served the Ministry of Finance, Department of Economic Affairs between 1998 and 2001 as a consultant.

Before his appointment as Deputy Governor of RBI in 2013, he was an advisor on energy and infrastructure at The Boston Consulting Group.