Murthy is of the view that Patel should continue with the steps adopted by Raghuram Rajan . “I see the new RBI governor focusing on cleaning up banks’ books and tackling the bad loan mess,” Murthy added. (PTI)

NR Narayana Murthy, the founder of Infosys, believes that the Narendra Modi government has made the right choice by appointing Urjit Patel to succeed Raghuram Rajan as the RBI governor. “Urjit Patel is eminently qualified and is a great choice by the government. The government has done a good job by appointing him,” Murthy told ET Now following the announcement. Stating that Patel is the “right man” to take over from Rajan, Murthy said, “Urjit Patel knows best how to stimulate growth and contain inflation alongside. Having an insider as the RBI Governor will lead to greater success.” Murthy is of the view that Patel should continue with the steps adopted by Raghuram Rajan. “I see the new RBI governor focusing on cleaning up banks’ books and tackling the bad loan mess,” Murthy added.

Also Read: Urjit Patel as RBI governor will ensure continuity of Raghuram Rajan’s approach: Jamal Mecklai

Murthy’s optimism has been echoed by India Inc as a whole, with most welcoming the appointment. Urjit Patel is currently the Deputy governor of RBI and will take over from Rajan once the latter’s term ends in September. Patel is known to be a close confidante of Rajan, and is credited for authoring RBI’s recommendation on the Monetary Policy Committee (MPC). He has also often been praised for his monetary policy reforms, including looking at consumer price inflation, instead of wholesale price inflation, to decide on interest rates among other factors. Patel has been the deputy governor of the RBI since January 7, 2013, and was granted extension in January this year. In his current role at the central bank, Patel is responsible for the monetary policy, economic policy research, statistics and information management, deposit insurance, etc.