New Delhi: The Reserve Bank of India (RBI) on Monday said Urjit Patel has assumed charge as the Governor of the central bank on Monday. He was reappointed as deputy governor on January 11, 2016, after the completion of his first three-year term in office.
“Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013,” the central bank said in a press statement. Dr. Patel has been given a three year term.
On August 20, the appointment committee of cabinet approved the appointment of Dr. Patel for three years, The handover ceremony will take place on Tuesday, since September 4 was a Sunday and Monday was a holiday due to Ganesh Chaturti.
Dr. Patel’s tenure as deputy governor was extended earlier this year. “Dr. Patel has also served at the International Monetary Fund (IMF). He was on deputation from the IMF to the Reserve Bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market,” RBI said.
He was also a consultant to the Ministry of Finance (Department of Economic Affairs), from 1998 to 2001.