Urjit Patel becomes new Reserve Bank of India governor

New Delhi: Urjit Patel was on Saturday appointed new Governor of the Reserve Bank of India in place of Raghuram Rajan whose term will end on September 4.

The appointment was made on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary which was set up to take a final call on the issue.

Patel, 52, was one of the four deputy governors in the RBI. He was reappointed in January for another three years.

Considered close to out-going governor, Patel was head of a committee which made a major change and adopted consumer prices as the guide to the monetary policy. Wholesale prices used to play a major role in this regard.

Although Rajan faced attack by some ruling party members including BJP MP Subramanian Swamy the decision not to seek extension was his own and may not have been influenced by either Swamy or any other person.

Also read: Scam by separatists miffs hired ‘stone pelters’ in J&K