Dr. Urjit R. Patel has taken the charges of Reserve Bank of India from today the 24th Governor. The decision of appointing Dr. Patel was approved by the appointment committee of the cabinet on 20th August 2016. He was supposed to take the charges from 4th Sept. 2016 which was a Sunday and on 5th Sept. 2016, the bank was closed on the occasion of Ganesha Chaturthi, therefore, he has joined the office from today. The Central bank has stated that Dr. Patel will serve a term period of 03 years after succeeding Raghuram Rajan, who upon completion of his 3-year term, is going back to academia.
From 1998 to 2001, Patel has served as the consultant to the Ministry of Finance in the Department of Economic Affairs. Further, he was appointed as the RBI’s deputy governor since January 2013 and was in charge of monetary policy. As deputy governor, the Expert Committee was chaired by him that helped the bank in revising and strengthening the Monetary Policy Framework. After the completion of his first three-year term, he was re-appointed as deputy governor on 11th January 2016.
The new Governor who did his PhD. in Economics from Yale University was on deputation from the IMF to RBI during the term year 1996-1997 and in that capacity, he gave input on the expansion of the debt market, pension fund reforms, banking sector reforms, and growth of the foreign exchange market. He had also previously served at the International Monetary Fund (IMF).
While representing India, he actively engaged in signing into the force of the Inter-Central Bank Agreement (ICBA) and the inter-governmental treaty among the BRICS nations, which commenced to the endowment of the Contingent Reserve Arrangement (CRA), a swap line structure amongst the central banks of these nations.