Patel's appointment a vote for continuity: Experts
22/08/2016 00:11
According to media reports, the country’s top banking leaders and analysts have given thumbs up to the Modi government’s decision to appoint Urjit Patel as the new governor of the Reserve Bank of India (RBI), stressing that his choice is a step in the right direction for Asia’s third biggest economy and will ensure that the good work done by outgoing high-profile governor Raghuram Rajan continues. “We all are very happy. Being a colleague, he brings great continuity and familiarity. He has a clear understanding of what is going on,” said RBI Deputy Governor S S Mundra, the PTI reported. Patel, 52, will take over from Rajan on September 4. He has been given a three-year tenure, just like the latter. The chairman of the country’s leading public sector bank SBI, Arundhati Bhattacharya also hailed Urjit Patel’s appointment, signaling that it is a vote for continuity of the country’s prudent monetary policy regime. “Patel has been at the helm of institutionalising the inflation targeting regime in the monetary policy framework. His appointment signals continuity of policy intent, both on part of RBI and the government”, she said, the PTI reported. Infosys founder N R Narayana Murthy also stressed that Patel was the right man for the job.
22/08/2016 00:11
