Urjit Patel recently took charge as deputy governor of the Reserve Bank of India two weeks ahead of a crucial monetary policy review. Although the central bank has not announced new portfolio’s, Patel is seen to be taking charge of the monetary policy department, earlier headed by Subir Gokarn, whom he succeeds at RBI.
A statement issued by RBI said that he has been appointed for three years from January 11, 2013. Patel will be the fourth deputy governor, the other three being K C Chakrabarty, Anand Sinha and Harun R. Khan. Prior to his appointment as the deputy governor of the Reserve Bank, Patel was adviser (energy & infrastructure), Boston Consulting Group. This is Patel’s second stint in RBI. Between 1996 to 1997 he was on deputation from the IMF to RBI and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market.
