Urjit Patel is appointed as the next RBI governor

The government on Saturday appointed eminent economist, consultant and banker Urjit Patel to replace Raghuram Rajan as the new RBI governor. Urjit Patel will take charge on September 4, the day Raghuram Rajan completes his three-year term.

"The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr. Urjit R. Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.c.f. 04.09.2016," a press note said. The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary, said the release.

Patel has served on various government panels and as an advisor in the finance ministry. A committee headed by Patel recommended retail inflation targeting and a monetary policy committee. Like Rajan, Patel has a doctorate in economics from Yale University. He did his M Phil. in Economics from Oxford University in 1986 and B.Sc. (Economics) from University of London in 1984.