About Mr. Urjit Patel-RBI Governor
From last 1-2 months, There were many rumours coming for the Successor of RBI Governor Mr. Raghuram Rajan whose term going to end in September,2016. Finally on 20 August, 2016; Govt. discloses the name for new RBI Governor who is no other than this aristocrat Mr. Urjit Patel. He will take over the RBI Governor Position on 4th September,2016 for 3 years. So, here we are going to learn some excellent facts about Mr. Urjit Patel-RBI Governor which will come in use for the upcoming govt. Exams;
Lesser known Facts about Mr. Urjit Patel-RBI Governor and his previous stints at the Government;
- Urjit Patel born on 28 October,1963 in Kenya and completed his doctorate in economics from Yale University in 1990 and M.Phil from Oxford (1986).
- He was appointed as Deputy Governor at RBI in 2013 for the term of 3 years and reappointed in January, 2016 for next 3 years.
- Being Deputy Governor in RBI, he has run the Central Bank’s monetary policy department since 2013.
- Before appointed as Deputy Governor in RBI, He was advisor for Energy and Infrastructure department with Boston Consulting Group.
- As we all are familiar with the Urjit Patel Committee which was formed by RBI to revise and Strength the Monetary Policy Framework.
Urjit Patel was the chairman of that committee and this committee potentially changed the way monetary Policy works in India by following recommendations;
- Shifting from WPI (Whole Sale Price Index) to CPI (Consumer Price Index).
- Setting the 2% to 6% target range for CPI.
- A team deciding the policy rate instead of one person alone.