Urjit Patel resigns as RBI Governor: How Indian Economy fared under Urjit Patel?
With his resignation, Patel became the first RBI governor since 1990 to resign before the completion of the term. Patel’s three-year term was scheduled to end in September 2019.
Urjit Patel on December 10, 2018 resigned as the Governor of the Reserve Bank of India (RBI) with immediate effect, citing personal reasons.
Here is his statement:
Patel: First RBI governor to resign before completion of term
With his resignation, Patel became the first RBI governor since 1990 to resign before the completion of the term. Patel’s three-year term was to end in September 2019.
How the Indian Economy fared under Urjit Patel?
Urjit Patel completed two years as the Governor of the RBI in September 2018. During these two years, Patel dealt with the aftermath of demonetisation, oversaw a turn in the monetary policy cycle and undertook various major initiatives to boost the Indian economy. Have a look at some of them:
About Urjit Patel
• Urjit R Patel was appointed as the 24th Governor of Reserve Bank of India (RBI) on August 20, 2016 and took charge on September 4, 2016 for tenure of three years. He succeeded Raghuram Rajan.
• He was previously serving as the Deputy Governor of RBI. He mainly looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.
• He started working initially with the RBI as an advisor, following which he was appointed as a consultant in the Department of Economic Affairs, Ministry of Finance.
• He headed a panel that recommended landmark changes to monetary policy in India, which included a switch to inflation-targeting and the creation of a panel to set interest rates.
• He has previously been a non-resident Senior Fellow at the Brookings Institution since 2009.
• He served at IMF India desk during the 1991–94 transition period. He was posted to IMF country mission in India between 1992 and 95.
• Patel, who completed his Bachelor's in Economics from the London School of Economics, received his doctorate in Economics from Yale University in 1990.