Urjit Patel was appointed as the Deputy Governor of the Reserve Bank of India on 3 January 2013. Urjit Patel succeeds Subir Gokarn, who handled Monetary Policy in RBI. The three-year term of Subir Gokarn terminated in November 2012 but he was given an extension which ended finally on 31 December 2012.
Urjit Patel was chosen over current Deputy Governor Subir Gokarn and International Monetary Fund (IMF) economist Kalpana Kochhar.
There are in all four Deputy Governor Posts in RBI. With the termination of term of Subir Gokarn, one post was vacant.
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.
•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.