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Urjit Patel appointed new RBI Governor: How Twitterati reacted

He was first appointed as Deputy Governor for three years in January 2013 and was given an extension this January.

By: Express Web Desk | New Delhi |
Updated: August 20, 2016 8:44:44 pm
urjit patel, rbi, rbi governor, new rbi governor, raghuram rajan, reserve bank of india, reserve bank of india governor, india news Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986). (Source: File)

The government on Saturday named economist and banker Urjit Patel the next Governor of the Reserve Bank of India (RBI) to succeed Raghuram Rajan — a development eagerly awaited for two months now.

Patel, 52, a Deputy Governor since January 2013 and on a three-year further term since January this year, will take over as the 24th chief of India’s central bank on September 4, according to an official communique.

As per the decision taken by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, Patel gets a three-year tenure, a press note said. Rajan, too, had a three-year stint.

“The appointment has been made based on the recommendations of the Financial Sector Regulatory Appointments Search Committee headed by Cabinet Secretary. The Committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of the Cabinet,” it said.

Read | Who is Urjit Patel? Everything you need to know about the new RBI Governor

Ever since Rajan, in an unprecedented letter to his colleagues in June, said he was opting out of a second term at the helm of India’s central bank, speculation has been rife over who his successor would be — particularly given the outspoken nature of the incumbent and the eyebrows he raised.

Rajan is going back to academics at the University of Chicago.

Patel was particularly picked for his expertise in inflation-control, which has become the main task of the central bank, ever since the government, under statute, set it a target of 4 percent, plus or minus two percentage points, based on consumer price index.

Patel, whose experience includes a mix of stints with multilateral institutions, bureaucracy, central bank, global consultancies and even private companies, has previously served the International Monetary Fund (IMF) in the US, India, Bahamas and Myanmar.

Read | Urjit Patel appointed new RBI Governor

Here’s how the Twitterati reacted:

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