New Delhi: Urjit Patel has been named as the 24th governor of the Reserve Bank of India. Patel will take over from Raghuram Rajan when the latter remits office after his term ends on 4 September. Stating that for the first time a “systematic approach and objective mechanism” has been put in place to select the person for the post.
Patel, currently Deputy Governor in the RBI since January 2013, will take charge on September 4, after the tenure of current incumbent Raghuram Rajan comes to an end.
Patel (53) holds a Doctorate in Economics from Yale University and a graduate of the University of London and Oxford. Rajan has decided to return to the world of academia in the United States, amid a constant tug-of-war between him and the government of monetary policy during the last two years.
“The appointment has been made on the recommendation of the Financial Sector Regulatory Appointments Search Committee headed by the Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC). For the first time, a systematic approach and an objective mechanism have been put in place,” the ACC said in a release.
The Search Committee met twice to discuss all possible names that could be considered for this assignment and had submitted a short panel of names to the ACC.