Urjit R Patel has taken charge as the 24th Reserve Bank of India Governor on Sunday. The RBI confirmed his takeover from outgoing governor Raghuram Rajan, in an official statement. He will be the head of RBI for the next three years.
“Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016, after serving as Deputy Governor since January 2013,” the central bank said in a press statement.
“Dr. Patel has also served at the International Monetary Fund (IMF). He was on deputation from the IMF to the Reserve Bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market,” RBI said.
Patel has worked with the International Monetary Fund. He was also a consultant to the Ministry of Finance (Department of Economic Affairs), from 1998 to 2001. He also had other assignments in public and private sectors, including with Reliance Industries, IDFC Ltd, MCX Ltd and Gujarat State Petroleum Corporation.