Deputy Governor of the RBI, Urjit Patel has been chosen by the government as the successor of the outgoing Governor Raghuram Rajan. Patel will become the 24th governor of central bank after the term of Rajan by next month.
Patel was appointed as the deputy governor of RBI in 2013 before that he worked with IMF and with the Boston Consulting Group. From 2013 onwards, he took charge of the RBI’s monetary policy department and most importantly chaired the committee on Monetary Policy Framework that suggested the present inflation targeting framework.
In the RBI, Patel is known as the architect of the new inflation targeting monetary policy framework.
The new Governor was appointed for a period of three years.
Patel did his graduation of BA from the London School of Economics. He got M. Phil. degree from Oxford University in 1986 and PhD from Yale University in 1990.
In the IMF, he worked as consultant covering the US, India, Bahamas and Myanmar desks between 1990 and 1995.