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HindustanTimes Wed,20 Aug 2014

Urjit Patel to be RBI's new deputy governor

HT Correspondent, Hindustan Times  Mumbai, January 02, 2013
First Published: 20:29 IST(2/1/2013) | Last Updated: 21:11 IST(2/1/2013)

Economist Urjit Patel has been announced as the new deputy governor of the Reserve Bank of India (RBI) after the central government on Wednesday cleared his name.

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“Urjit Patel’s name has been finalised,” said DK Mittal, secretary, department of financial services.

Patel, at present, is a non-resident senior fellow at the Brookings Institution, a US-based think-tank and is also a consultant to the Boston Consulting Group. He will take place of Subir Gokarn, who was in-charge of the monetary policy department. Gokarn’s three-year term had ended in November 2012, but the government had given him one-month extension that expired on December 31.

According to an RBI statement on Tuesday, the monetary policy department will now be directly under governor D Subbarao himself. There are four deputy governors in RBI, of which two are from the central bank itself, one is from the banking sector and the fourth is an economist.


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