Surely everyone has heard the great news that Urjit Patel is the new governor of the Reserved Bank Of India (RBI), but we all have the same question, who is he?
RBI Governor – Urjit Patel Profile Biography
First of all he was born on October 28 in 1963, strangely hardly anyone knows in what place exactly; but we can tell you, it was in the state of Gujarat, after Maharashtra, the most industrialized state in India, located west of the country. On the academic side we can tell you that he received a Bachelor Degree in economics from the London School of Economics, M. Phil. Degree from Oxford Univer
sity in 1986 and he received a Doctorate in Economics from Yale University in 1990. So with eyes closed we could say that he is very well pepared for the job.
Dr. Urjit Patel Career
Now we continue with aspects of his career. Dr. Patel joined the Internacional Monetary Fund in 1990 worked on the USA, India Bahamas and Myanmar desks at IMF till 1995. On that time Patel was on deputation to the RBI and advised the central bank on issues such as the devolpment of the debt market, banking sector and pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market. 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 from 1998 to 2001.
RBI Governor Urjit Patel Work Profile
He has also worked in the private sector with assignments such as president (business development) at Reliance Industries and executive director and member of the management committee, Infrastructure Development Finance Company (IDFC). And to conclude this segment Between 2000 and 2004, Patel worked closely with several central and state government high level panels, such as Task Force on Direct Taxes, Advisory Committee (on Research Projects and Market Studies), and Competition Commission of India. He was part of the Ministry of Power’s Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System, Government of India.
Also despite having no media exposure in India, Patal also became an expert commentator of the UPA government’s ‘100 day’ action plan in 2009 in TV debates.
So how he arrived at the current position? 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. Patel sees inflation control as critical to stable growth and feels that fiscal consolidation is critical to RBI meeting its inflation target.
Upon his completion of three-year term in 2016, he was given another three years as an extension by the present National Democratic Alliance government, underscoring Patel’s acceptance cutting across party lines.
Urjit Patel with only 52 years old has authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.
For us RBI is in perfect hands