The Reserve Bank of India (RBI) governor Urjit Patel resigned from his post on Monday citing ‘personal reasons’. Patel resigned from his post almost a year before his tenure comes to an end.
Speculation of Patel’s exit had picked up after differences between the RBI and the government spilled out in the open. The spat between the centre and the RBI started after the centre decided to impose Section 7 of the RBI act. Section 7 of the RBI act empowers the centre to issue directions to the RBI.
Who is Urjit Patel?
Urjit Ravindra Patel is an Indian Economist who was appointed as the 24th governor of teh RBI on 4 September 2016. He had succeeded Economist Raghuram Rajan.
Before becoming the governor, Patel had served as the RBI deputy governor. He was responsible for monitoring of monitored Economic Policy Research, the Monetary Policy, Deposit Insurance, Statistics and Information Management, Communication and Right to Information.
Patel completed his Bachelor’s in Economics from the London School of Economics and obtained M. Phil. Degree from Oxford University in 1986.
He completed his Ph.D. in Economics from Yale University in 1990.
Patel had joined the International Monetary Fund (IMF) in 1990 and worked on its USA, India, Bahamas and Myanmar desks till 1995.
Thereafter, he went on deputation to the RBI from the IMF.
In RBI, he held advisory role and was associated with the development of the debt market, pension fund reforms, banking sector reforms, targeting of real exchange rate.
After two years of his deputation period with RBI, he became a consultant to the government of India in the Ministry of Finance, Department of Economic Affairs. He held this position from 1998 to 2001.
Patel was appointed as Deputy Governor of RBI for three years on 11 January 2013.
He succeeded Subir Gokarna and took over the charge of the vital Monetary Policy Department.
He was appointed as the governor of RBI in August 2016 following Raghuram Rajan’s decision of stepping down.
Important positions held by Patel
Non-executive director, Multi-commodity Exchange of India limited
Non-executive director, Gujarat state petroleum corporation
Deputy governor, Reserve Bank of India
Governor, Reserve Bank of India (from 4 September 2016)