Urjit Patel is the newly appointed RBI governor of India. He assumed office on September 06, 2016 and is an Indian economist. Learn some interesting facts about the new RBI governor.

Mr. Urjit Patel replaced popular banker, Raghuram Rajan as the new Reserve Bank of India (RBI) governor of India on September 06, 2016. Mr. Urjit Patel has been the deputy governor of RBI since 2013 and has looked after all monetary and economic policies, etc. over the years.

A graduate in economics from London School of Economics and a Masters in Philosophy from Oxford University, Mr. Patel received his doctorate in economics from Yale University in the year 1990. Mr. Patel initially worked with the International Monetary Fund (IMF), in the 1990s, and later joined as the deputy governor with RBI.

Interesting Facts about Mr. Urjit Patel, our new RBI Governor of India

1. Mr. Patel was born in Kenya and has pursued higher education from all leading educational institutes such as the London School of Economics, Oxford University, Yale University. In all his educational pursuits, his focus was always on Indian economics.

2. Mr. Patel has been the deputy governor of RBI since 2013 and was a popular choice to be elected as the next RBI governor. However, he is the very first RBI governor to be chosen by a Prime Minister of India.

3. Mr.Patel’s stance on Indian monetary policies has been highly regarded and he has been noted as a “Hawk” regarding his economic policy stance by Nomura Research Institute.

4. Mr. Patel has spent over a decade working in the Indian financial sector and has held important positions such as an advisor at the Boston Consulting Group, President for Business Development at Reliance Industries, Executive Director for the Infrastructure Development Finance Company.

5. Mr. Patel has over the years built many admirers for his tireless work in improving the economic policies. Former Prime Ministers PV.NarasimhaRao and Dr. Manmohan Singh, P. Chidambaram, current Prime Minister Narendra Modi, RaghuramRajan, Arun Jaitley, amongst others, have all been highly impressed with his work over the years.

6. Mr. Patel has made some landmark changes to the Central Bank monetary policies that have helped India beat inflation and have led to some of the most important reforms to happen since 1990s.

7. Mr. Patel and RaghuramRajan both have worked with the International Monetary Fund (IMF) in the 1990s before taking positions with the Reserve Bank of India.

According to the chief economist at the Indian Ratings and Research, Devendra Pant says, “Mr. Patel is the architect of inflation targeting approach”. Members of RBI are keen to see Mr. Patel take positive actions towards all the changes that were initiated by the former governor RaghuramRajan. We hope that our newly appointed RBI governor brings forth newer actionable economic policies to target inflation and help in making better economic reforms in the country. We wish Mr. Patel the very best towards a successful and promising term for the betterment of Indian economy.

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