Meet Urjit Patel: 24th Governor Of Reserver Bank of India

Urjit R. Patel (born 28 October 1963) is an Indian economist, consultant and banker, currently serving as Governor of the Reserve Bank of India (RBI). As the Deputy Governor of RBI, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information. On 20 August 2016, he was named as the governor of RBI to succeed Raghuram Rajan when the latter’s term expired in 4 September 2016.On 6 September 2016 he took charge as the Governor of Reserve Bank of India. 

The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC).

Finance Minister Arun Jaitley held a discussion with Prime Minister Narendra Modi over the appointment of a new RBI Governor, a post that will fall vacant on September 4.

Early life and education

Patel obtained his Bachelor’s in Economics from the London School of Economics, M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990. He was at IMF India desk during the 1991–94 transition period. He was posted to IMF country mission in India 1992–95. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.

Professional career 

After obtaining his PhD, Dr. Patel joined the International Monetary Fund (IMF) in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate. After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.

Between 2000 and 2004, Dr. Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.

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