ICTpost News Network
Chennai, Jan 10: The central government has re-appointed Urjit R. Patel as the deputy governor of the Reserve Bank of India (RBI) for a period of three years, an official statement said.
The decision was taken on Friday, an RBI statement said.
Patel joined the central bank on January 11, 2013, months before Raghuram Rajan took charge as the Governor, and has been heading the monetary policy department. Patel, 53, looks after the critical function of monetary policy at the central bank. Patel, a doctorate from Yale University, also had a stint at IMF. He joined RBI as DG when D Subbarao was the Governor and had replaced Subir Gokarn.
Rajan and Patel had earlier worked together in the IMF in Washington. The re-appointment of Patel assumes significance as in recent past none of the deputy governors got a second term. On his first day at work as the Governor, Rajan had appointed a committee under Patel to relook at the monetary policy-making and it came up with a report, which advocated a shift to making RBI an inflation-targeting central bank.