Urjit Patel is appointed as 24th Governor of RBI and has replaced Raghuram Rajan yesterday.“Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013,” RBI said in a statement.
On January 11, 2016, Raghuram Rajan was reappointed as deputy governor after the accomplishment of his first three-year term in office. During his tenure, an expert committee was setup which helped in strengthening the Monetary Policy Framework.
"Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries," RBI said.
Amid 1996-97, he has additionally served at the International Monetary Fund (IMF). Patel was on delegation from the IMF to RBI amid 1996-1997, and in that limit he gave exhortation on advancement of the obligation market, managing an account changes, benefits changes, and development of the outside trade market.
He was a Consultant to the Ministry of Finance from 1998 to 2001. He additionally had different assignments out in the open and private areas, incorporating with Reliance Industries, IDFC Ltd, MCX Ltd and Gujarat State Petroleum Corporation.
Dr Patel, as he is ordinarily alluded to as, has worked intimately with a few focal and state government abnormal state advisory groups. These incorporate the Task Force on Direct Taxes, the High Level Expert Group for Reviewing the Civil and Defense Services Pension System, the Prime Minister's Task Force on Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms and the Ministry of Power's Expert Group on State Electricity Boards.
He has a few distributions in ranges of Indian macroeconomics, fiscal arrangement, open fund, money related area, universal exchange, and administrative financial matters, the RBI said.
Patel has done a PhD in financial matters from Yale University.