All you need to know about new RBI governor Urjit Patel

  • Ravi Krishnan, LiveMint
  • Updated: Aug 20, 2016 21:30 IST
Deputy governor of RBI Urjit Patel with take over as the new head of the central bank. (PTI)

Urjit Patel, 52, a deputy governor of the central bank for the past three years, is the key architect for the fundamental change in how monetary policy is framed in India.

In 2014, it was a committee headed by Patel that recommended that Reserve Bank of India (RBI) should follow an inflation-targeting approach, using consumer price inflation as the base, and a committee of the central bank and not the governor take the call on monetary policy.

Read | RBI governors: From Osborne Smith to Raghuram Rajan

Seen as a key lieutenant of incumbent governor Raghuram Rajan, Patel was initially appointed for a three-year term in January 2013.

His term was later renewed earlier this year.

Read | Five challenges Urjit Patel will face as the new RBI governor

A Ph.D in economics from Yale University and a M.Phil from Oxford, he was an advisor to the Boston Consulting Group before his stint at the RBI.

Read | Know the new RBI governor: Here is where Patel has studied, worked

Patel has also worked with the International Monetary Fund (IMF) and with think-tank, The Brookings Institution.

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