London School of Economics scholar, Dr Urjit Patel has been appointed as 24th Governor of India’s apex bank, Reserve Bank of India (RBI), reports IndiaGBnews’ Hemang Palan in Mumbai.
Dr Patel obtained his Bachelor’s in Economics from the London School of Economics and M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990 in 1990. He was at International Monetary Fund (IMF) India desk during the 1991–94 transition periods. He was posted to IMF country mission in India 1992–95. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
After obtaining his PhD, Dr. Patel joined the IMF in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation the IMF to the RBI where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate. After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
Between 2000 and 2004, Dr. Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defense Services Pension System.
On 11 January 2013, Urjit Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post.