Urjit Patel assumes charge as new RBI Governor

TIL Desk/Business/Mumbai-Urjit Patel has assumed charge as the 24th Governor of Reserve Bank, succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended yesterday. Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today.

He was reappointed as deputy governor on January 11, 2016, after the completion of his first three-year term in office. Among his assignments as deputy governor, Patel chaired the Expert Committee to Revise and Strengthen 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.

He has also served at the International Monetary Fund (IMF). Patel was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking reforms, pension reforms, and evolution of the foreign exchange market.