Urjit Patel has been reappointed deputy governor of the Reserve Bank of India for a second three-year term. The government announced he will be the deputy governor for a further period of three years or until further orders, whichever is earliere. Patel had headed a committee that paved the way for the proposed monetary policy committee. He joined the regulator on 11 January 2013, months before Raghuram Rajan took charge as the governor, and has been heading the monetary policy department. Rajan and Patel had earlier worked together in IMF in Washington. One of the first acts of Rajan had been to appoint the monetary policy committee with Patel heading it. A doctorate from Yale University, he had joined RBI when D. Subbarao was the governor and had replaced Subir Gokarn.
