Urjit Patel assumes charge as 24th Governor of Reserve Bank of India

Urjit R Patel on 4 September 2016 assumed charge as the 24th Governor of the Reserve Bank of India (RBI).

The handover ceremony will take place on 6 September 2016.

Patel had been serving as the Deputy Governor since January 2013.

Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia.

On 20 August 2016, the appointment committee of cabinet approved the appointment of Patel for three years.

About Urjit R Patel

• Urjit Patel headed a panel that recommended landmark changes to monetary policy in India. The changes included a switch to inflation-targeting and the creation of a panel to set interest rates.

• In January 2016, he was reappointed as the Deputy Governor in Charge of monetary policy, the department he headed from 2013.

• Earlier between 1990 and 1995, he had worked with the International Monetary Fund (IMF) covering US, India, Bahamas and Myanmar.

• He carries a doctorate from Yale University.

• He also carries M Phil from Oxford.

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