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Urjit Patel

Urjit Patel
EARLY LIFE

  • Urjit Patel was born in Nairobi on 28 October 1963 to Manjula and Ravindra Patel.His grandfather had migrated from Mahudha village in Kheda district, Gujarat to Kenya in the 20th century. His parents run Raxo Products Ltd, a chemical factory in Nairobi.
  • He studied at Gujarati community run Visa Oswal Primary School and later at Jamhuri High School in Nairobi. He earned Bachelor of Science in Economics from London School of Economics, Master of Philosophy in Economics from Linacre College, Oxford University in 1986.
 EDUCATION
    • He studied at Gujarati community run Visa Oswal Primary School and later at Jamhuri High School in Nairobi.
  • He earned Bachelor of Science in Economics from London School of Economics, Master of Philosophy in Economics from Linacre College, Oxford University in 1986.
  • He later earned Doctor of Philosophy in Economics from Yale University in 1990.
PROFESSIONAL CAREER
  • After obtaining his Ph.D., Patel joined the International Monetary Fund (IMF) in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995.
  • Thereafter he went on deputation from the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.
  • After the two-year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
POSTS
    • Between 2000 and 2004, Patel worked with several High-Level Committees at both Central and State Government level.
    • Competition Commission of India
    • Task Force on Direct Taxes
  • Prime Minister’s Task Force on Infrastructure
  • Group of Ministers on Telecom Matters
  • Advisory Committee on Research Projects and Market Studies
  • Committee on Civil Aviation Reforms
  • Expert Group on State Electricity Boards
  • High-Level Expert Group on Civil and Defence Services Pension System
POSITIONS
  • Advisor, Boston Consulting Group
  • President (Business Development), Reliance Industries (1997- 2006)
  • Executive Director, Infrastructure Development Finance Company(1996-1997)
  • Member, Integrated Energy Policy Committee, Government of India (2004-2006)
  • Non-Executive Director, Gujarat State Petroleum Corporation
  • Non-Executive Director, Multi Commodity Exchange of India Limited
  • Deputy Governor, Reserve Bank of India (11 January 2013 – 3 September 2016)
  • Governor, Reserve Bank of India (4 September 2016 – 10 December 2018)
 GOVERNOR
  • On 11 January 2013, Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post.
  • On 20 August 2016, he was appointed as the governor of Reserve Bank Of India (RBI) succeeding Raghuram Rajan.
TENURE
  • During his tenure, the Government of India demonetised the 500 and 1000 banknotes of the Mahatma Gandhi Series, with the stated intention of curbing corruption, black money, fake currency and terrorism from 9 November 2016.
  • On 10 December 2018 at 17:15 hrs IST, Urjit Patel resigned from the post of Governor of the Reserve Bank of India (RBI) effective immediately.
REASONS
  • REGULATIONS OF PSB
  • PROMP CORRECTIVE ACTION
  • NPA AND MSME ISSUE
  • SECTION 7 OF RBI ACT
  • SURPLUS
CONTROVERSY
  • Urjit Patel said he resigned because of personal reasons
  • Opposition said Modi govt’s interference in RBI forced him to resign
  • Experts say market may become volatile in coming days
  • The central government has announced that Urjit Patel’s successor will be selected by a high-level panel headed by the Cabinet secretary.
  • Once the panel finalises the name, it will be sent to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.