Union Government on 8 Janury 2016 re-appointed Dr Urjit R Patel, as Deputy Governor of Reserve Bank of India (RBI), for a second three-year term.
Patel who joined RBI on 11 January 11, 2013 had headed a committee that paved the way for the proposed monetary policy committee. Patel, a doctorate from Yale University, also had a stint at IMF.
Patel is the fourth deputy governor and the other three are HR Khan, R Gandhi and SS Mundra.
The re-appointment of Patel assumes significance as in recent past, none of the deputy governors got a second term.
About Urjit Patel
• Urjit Patel is an economist with hawkish point of view on inflation.
• He authored a research paper called Dynamics of Inflation Herding: Decoding India's Inflationary Process along with Gangadhar Darbha, ED, Nomura.
• Between 1990 and 1995, he worked with the International Monetary Fund (IMF) 1995 covering the US, India, Bahamas and Myanmar desks
• He was on deputation from 1996-1997 from the IMF to the RBI and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market.
• Patel was also a consultant with the Boston Consulting Group and was also a part of IDFC’s management committee for almost 10 years ever since it was first incepted.
• From 2005-2008, he also worked in board of Multi Commodity Exchange of India.
• Urjit Patel was NRI at Brooking Institution, Washington DC from 2006-2007.
• As an academic as well as consultant, Patel also provides advice to Indian government on different panels.
• He was the board member in Gujarat State Petroleum Corporation as well.
• Prior to his appointment as the deputy governor at RBI in 2013, Patel was advisor (energy & infrastructure) with Boston Consulting Group.
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Who: Urjit Patel
When: 8 January 2016