New RBI Governor

After many days of suspense finally, the PMO had appointed Urjit Patel, RBI’s deputy governor as the new RBI governor. The appointment was made after interviewing all the shortlisted candidates at prime minister’s office for the post of RBI Governor.

What makes him appropriate for the Post? This question is running around the financial sector from past two days. Here is what you need to know about him.

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All you need to know about Urjit Patel

Urjit Ravindra Patel (53) will take up as New RBI Governor from 4th September 2016 becoming the 24th person to take the seat. Raghuram Rajan his successor has been most appreciated for controlling inflation.

Urjit was not an Indian. He was born in Kenya in the year 1963 on October 28. His place of birth and his Kenya citizenship was most discussed and thought that would obstruct his promotion. But his expertise has left all the other reasons behind.

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Urjit Patel received his bachelor’s degree in economics from London School of Economics. He completed MPhil from Oxford University in 1986. He completed his PhD from Yale University in 1990 in Economics. His High education qualification in the area of Economics becomes the first step to shortlist.

Apart from his qualification he is well experienced. He worked for IMF desks in US, India, Bahamas and Myanmar. Then he was deputed to RBI from IMF working in the areas of development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.

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Patel took up as Consultant to the Government of India in the Ministry of Finance from 1998-2001. Patel has worked in various high-level committees in both central and state levels. In 2013 Patel was appointed as Deputy Governor of RBI where now new RBI Governor of India.

Previously the posts in which Mr Patel worked were President (Business Development), Reliance Industries Limited Advisor, Boston Consulting Group Executive Director, Infrastructure Development Finance Company (1997-2006) Non-Executive Director, Gujarat State Petroleum Corporation Limited.

Patel’s grandfather migrated from Gujarat to Kenya during the British government. His father was born in Kenya and was a successful entrepreneur in Nairobi. He had a business of Spare parts. Patel’s father passed away recently.

He has impressed many economists including P V Narasimha Rao, Dr Manmohan Singh, P Chidambaram, Narendra Modi, Arun Jaitley, and Raghuram Rajan. He is the most admired RBI person by many Officials and politicians. Experts say that the Stock market is expected to cheer the appointment of the new Reserve Bank Governor.

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