Urjit Patel is new RBI Governor. He will hold the prestigious post for 3 years.
“Urjit R Patel has been appointed as the new governor of Reserve Bank of India (RBI),” a finance ministry statement said on Saturday.
As India’s top banker, Patel’s primary duty is to keep prices stable and ensure credit flow to companies and individuals. He will lead a team of about 17,000 and draw a salary of about Rs 200,000 per month besides allowances and perks.
Patel obtained his Bachelor’s in Economics from the London School of Economics, M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990.
After obtaining his PhD, Dr. Patel joined the International Monetary Fund in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.
After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI.As Deputy Governor of RBI, he was responsible for Monetary Policy, Economic Policy Research, Statistics and Information Management, Deposit Insurance, Communication and Right to Information.
