What one must know about the new RBI governor, Urjit Patel


Some facts about Urjit Patel

With about two months passed of Urjit Patel taking over the office as the new RBI governor, there are still some facts about him, hidden to most of us.

Hello  everyone, in this article on SAIKISITE, I’ll be telling much about the economist, the consultant, personality in himself, Mr. Urjit Patel.

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Urjit Patel: Early Life And Education

Born on 28th of October, 1963, this gem was brought up in Kenya. He had his schooling done from Kenya and got his bachelor’s in Economics from the London School of Economics. Urjit Patel received his masters in philosophy from Oxford University in 1986 and doctorate in Economics from Yale University in 1990.

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Urjit Patel: Professional Career

After completing his education, he joined Indian Monetary Fund in 1990, working in the USA, India, Myanmar, and Bahamas desks till 1995 after which he was deputed to the Reserve Bank Of India, where he was an advisor in debt market, pension fund, and banking sector reforms etc. Two years later, Urjit Patel became a Consultant to the ministry of finance in Government of India. For about four years then, he worked with several committees at central and state level such as Task Force on Direct Taxes, the secretariat for Prime Minister’s  Task Force On Infrastructure etc.. He has been the president of Business Development at Reliance industries limited for a span of about nine years. He had also served as the advisor for energy and infrastructure at The Boston Consultancy Group.

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Urjit Patel then served as the deputy governor for three years after which he was appointed as the governor of RBI on 20th August 2016 and took charge from September 5th,2016, succeeding Mr. Raghuram Rajan. His professional profile is really impressive and gives a decent back to his post.

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Urjit Patel: A Notable Reform

Urjit Patel headed a committee which recommended shifting the focus from wholesale prices and that an inflation targeting approach should be followed, using consumer price inflation as the base, the main aim being checking of the volatile prices. A consumer inflation target of 4% was agreed on by the Ministry Of Finance and the RBI, with a leeway of about 2%. The decision is considered to be one of the greatest reforms since 1991.

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Urjit Patel: Favourite Of Many

Being appointed to RBI as deputy governor and governor in UPA and Modi governments, he was also favorite of many regimes in early 90’s too such as PV Narasimha Rao. He was appointed by the then Cheif Minister of Gujarat Mr. Narendra Modi, as the non-executive director on the board of Gujarat State Petroleum Corporation in 2005.

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Urjit Patel: A Responsible Son As Well

Apart from being so organized in his professional life, Mr. Urjit Patel has an organized personal life too. His father was born in Kenya too and was a successful entrepreneur in Nairobi. After he passed away a few years ago,his  mother has been living with him in Mumbai. He recently moved to a small house to give better company to his mother and also declined the offer of heading BRICS bank in Shanghai, just to be with his mother.

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Any role Mr. Patel do you lag behind!

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