Showing posts with label Deputy Governor. Show all posts
Feb 3, 2016
Former RBI Deputy Governor SS Tarapore passes away
Former deputy governor of the Reserve Bank of India (RBI) S.S. Tarapore passed away in Mumbai, Maharashtra. He was 80.
As an economist, he was well known for his strong views on issues—ranging from inflation to capital account convertibility.
About S.S. Tarapore
- Tarapore joined the RBI in 1961 and retired in 1996 as deputy governor, having been involved in almost all aspects of monetary policy.
- He served as RBI deputy governor between 1992 and 1996 when C. Rangarajan was the governor.
- This was a period of rapid change for the Indian economy, with the government having introduced economic reforms in 1991.
- He had chaired two eponymous Committees on Capital Account Convertibility and had laid down benchmarks of preconditions essential for India to move to fuller capital account convertibility.
- He was strong defender of the RBI and its autonomy. He was staunch critic of the Financial Sector Legislative Reforms Commission (FSLRC).
- He was also known as an inflation hawk, chiding policymakers through his public comments and writings for being too lax on inflation control.
- Based on the recommendations of the committee, Foreign Exchange Regulation Act (FERA) was replaced with Foreign Exchange Management Act (FEMA) in June 2000.
Jan 10, 2016
Government reappoints Urjit Patel as Deputy Governor of RBI for a second term
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.
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