Urjit Patel assumes charge as 24th Governor of Reserve Bank of India

Posted on:06 Sep 2016 09:10:24
Urjit Patel assumes charge as 24th Governor of Reserve Bank of India
06 September 2016 Current Affairs: Urjit R Patel has assumed charge as the 24th Governor of the Reserve Bank of India (RBI) on 4 September 2016.

The handover ceremony will take place on 6 September 2016.

Patel had been serving as the Deputy Governor since January 2013.

Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia.

On 20 August 2016, the appointment committee of cabinet approved the appointment of Patel for three years.

Urjit R Patel : Urjit Patel headed a panel that recommended landmark changes to monetary policy in India. The changes included a switch to inflation-targeting and the creation of a panel to set interest rates. In January 2016, he was reappointed as the Deputy Governor in Charge of monetary policy, the department he headed from 2013.

Earlier between 1990 and 1995, he had worked with the International Monetary Fund (IMF) covering US, India, Bahamas and Myanmar.He carries a doctorate from Yale University.He also carries M Phil from Oxford.

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