Reserve Bank of India Deputy Governor Urjit Patel, who drafted historic changes to monetary policy in the country, is likely to get re-appointed after his three-year term ends next month. Reserve Bank of India Deputy Governor Urjit Patel, who drafted historic changes to monetary policy in the country, is likely to get re-appointed after his three-year term ends next month.
About Urjit Patel
- By profession Urjit Patel is an eminent economist, consultant and banker.
- He has two decades of rich experience across sectors including financial, energy and infrastructure sectors.
- He had received his doctorate in Economics from Yale University in 1990 and is a graduate of the University of London and Oxford.
- Between 1990 and 1995, he has worked with the International Monetary Fund (IMF) covering the India, US, Bahamas and Myanmar desks of it.
- For first time, he was appointed as the Deputy Governor of RBI in January 2013 for three year term.
- He had headed committee to review the monetary policy framework and had proposed monetary policy committee to set interest rates (currently solely decided by the RBI governor).
- It also had recommended targeting consumer inflation to control volatile prices by shifting the current focus away from wholesale prices.
- Between 2000 and 2004, he had worked closely with several central and state government high level committees such as, Task Force on Direct Taxes (TFDT), Advisory Committee (on Research Projects and Market Studies) and Competition Commission of India (CCI) etc.
Deputy Governors of RBI
RBI has four Deputy Governors, two are from outside, a commercial banker and an economist while two others are promoted from within its ranks. The other three Deputy Governors of RBI are: H.R. Khan, S.S. Mundra and R. Gandhi.