Urjit Patel to take over as new RBI Governor
22/08/2016 00:10
Urjit Patel has been appointed as the Reserve Bank of India’s (RBI) 24th governor, filling the shoes of Raghuram Rajan whose three-year tenure ends on September 4, 2016. Patel, 52, who currently serves as the central bank’s deputy governor has been given a three-year term. By picking Patel to lead the RBI, the centre has signaled continuation of prudent monetary policy, which will act as a positive trigger for investors, bolstering the outlook of Asia’s third biggest economy. The Modi government also stressed that this was the first occasion when a systematic approach and an objective mechanism was adopted to choose the country’s next RBI governor. “For the first time, a systematic approach and an objective mechanism have been put in place”, a press note said. “The appointments committee of the cabinet (ACC) has approved the appointment of Dr Urjit R Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. from 04.9.2016”, the government said in a statement. Patel played an instrumental role in the government formally adopting the consumer inflation target of 4 per cent, plus or minus 2 percentage points, while heading a committee appointed by Rajan to suggest a monetary policy framework. He has been the RBI’s deputy governor for the past three and a half years.
22/08/2016 00:10
