Urjit Patel has been appointed Governor of the Reserve Bank of India (RBI). To take over Raghuram Rajan as the 24th governor, Patel´s appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the Cabinet Secretary.
He has been serving as Deputy Governor of the central bank for more than three years. Patel, a revolutionist, a panel under his chairmanship had proposed inflation-targeting and the setting up of a monetary policy committee. All eyes on Patel, who has in the past, served as a consultant to the Ministry of Finance, Department of Economic Affairs. He is a known advisor on the development of debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market. Known as an expert on inflation, also having been with the IMF and the Boston Consulting Group, Patel is set to write the next chapter in India´s banking growth story.