Urjit Patel 24th Reserve Bank Governor

New Delhi, Aug 20 (PTI) Reserve Bank of India DeputyGovernor Urjit Patel will be the 24th Governor of RBI and willsucceed Raghuram Rajan, who will demit office on September 4. Patel, 52, joined RBI as Deputy Governor on January 11,2013, and was given a second term in January. As deputy governor, Patel headed the RBI panel to draftthe monetary policy report, which became the basis of theongoing reforms at the apex bank. The Patel committee report also formed the basis of themonetary policy committee, which takes away a lot of powers ofRBI and the governor, as also move to create a public debtmanagement agency. Under the independent monetary policy committee, which isbeing set up, the government will set an inflation target toRBI and the governor will be made answerable to Parliamentif he/she fails to contain inflation within target. Prior to his appointment as the deputy governor, Patel wasAdvisor (Energy & Infrastructure), The Boston ConsultingGroup. He is a Ph.D. (Economics) from Yale University (1990) andM Phil from Oxford (1986) and has been a non-resident SeniorFellow at the The Brookings Institution since 2009. Patel was with the International Monetary Fund (IMF)between 1990 and 1995, and worked on the US, India, Bahamasand Myanmar desks. He was on deputation (1996-1997) from the IMF to theReserve Bank of India and provided advice on development ofthe debt market, banking sector reforms, pension fund reforms,real exchange rate targeting and evolution of the foreignexchange market. Patel was also a Consultant (1998-2001) to the Ministry ofFinance, Department of Economic Affairs, New Delhi. Some of his previous assignments include, President(Business Development), RIL; Executive Director and Member ofthe Management Committee, IDFC (1997-2006); Member of theIntegrated Energy Policy Committee (2004-2006) and Member ofthe Board, Gujarat State Petroleum Corporation Ltd. Between 2000 and 2004, Patel worked closely with severalcentral and state high-level committees, such as, Task Forceon Direct Taxes, Finance Ministry, Advisory Committee (onResearch Projects and Market Studies), Competition Commissionof India, secretariat for the Prime MinisterÂ’s Task Force onInfrastructure, Group of Ministers on Telecom Matters,Committee on Civil Aviation Reforms, Ministry of Power’sExpert Group on State Electricity Boards and High Level ExpertGroup for Reviewing the Civil & Defence Services PensionSystem. Patel has authored technical publications, papers andcomments in the areas of Indian macroeconomics, publicfinance, infrastructure, financial intermediation,international trade and the economics of climate change. PTINKD MJH MBI CSABK