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Urjit Patel is governor of RBI

image001Deputy governor Urjit Patel is the new governor of the Reserve Bank of India. The government announced Patel’s appointment after high level discussions and consultations. Analysts said the appointment signified the government’s desire to continue with the policies adopted by outgoing governor Raghuram Rajan. Patel’s appointment is for a period three years and will begin on 4 September. Rajan, who came to RBI in 2013, is widely credited with helping arrest the rupee’s decline against the dollar and bringing down the inflation rate. He said he would not like to have a second term and would move back to academia. Politicians have criticized Rajan’s policies and his outspokenness on matters including those relating to the country’s growth as claimed by the government. He had also been targeted for being tough on interest rate cuts.

Patel, 52, a Ph.D. in economics from Yale University, became deputy governor in 2013 and was in charge of the central bank’s monetary policy. He has been a non-resident senior fellow, The Brookings Institution since 2009. He has also been with IMF and  was in charge of the U.S., India, Bahamas and Myanmar desks. He has also worked with several companies, including Reliance Industries where he was president of business development and with IDFC.

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