2NDLD URJIT 2

Besides, Patel should work in a manner that RBI versus Besides, Patel should work in a manner that RBI versusFinance Ministry situation is avoided as all the componentsare working towards inflation control and employmentgeneration and finally what approach he will adopt to cleanbalance sheet of the bank or strengthen banks. A number of corporate leaders and bankers who havepreviously worked with Patel, including during his tenure asRBI’s Deputy Governor and earlier on boards of some companies,said he is expected to show "much better understanding" of theproblems the companies and banks are facing due to the centralbank’s AQR (Asset Quality Review) directive. Some are even hopeful that the AQR regime may actually seesome change, though Rajan kept on repeatedly saying in hislast days at RBI that the process should be completed by March2017, a target he had set for cleaning up of the banks’balance sheets. With public sector banks accounting for a large portion ofthe bad loans, the clean-up exercise has raised heckles ofmany in the government as well, though not many have beenpublic with their views, fearing adverse commentary. Among his assignments as deputy governor, Patel chairedthe Expert Committee to Revise and Strengthen the MonetaryPolicy Framework. "Representing India, he actively participated in steeringthe signing into force of the inter-governmental treaty andthe Inter-Central Bank Agreement (ICBA) among the BRICSnations, which led to the establishment of the ContingentReserve Arrangement (CRA), a swap line framework among thecentral banks of these countries," RBI said. Patel has also served at the International Monetary Fund(IMF). He was on deputation from the IMF to RBI during1996-1997, and in that capacity he provided advice ondevelopment of the debt market, banking reforms, pensionreforms, and evolution of the foreign exchange market. He was a Consultant to the Ministry of Finance from 1998to 2001. He also had other assignments in public and privatesectors, including with Reliance Industries, IDFC Ltd, MCX Ltdand Gujarat State Petroleum Corporation. PTI DPMR