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New RBI governor Urjit Patel: All you need to know

22-08-2016

Rajan’s successor faces these key challenges

Urjit Patel will take over as India’s central bank chief at a time when monetary policy decision-making is being overhauled and an estimated $20 billion is set to flow out of the country. Patel is currently deputy governor in charge of monetary policy and has been a key architect of the central bank’s shift to a consumer-price-based inflation target. Read more here.

Urjit Patel succeeds Raghuram Rajan as new RBI governor

Urjit Patel has been named as the 24th governor of the Reserve Bank of India. Patel will take over from Raghuram Rajan when the latter leaves office after his term ends on 4 September. The choice of Patel will ensure continuity at the RBI since he has been the deputy governor in charge of monetary policy. Read more here.

Who is Urjit Patel?

Urjit Patel, 52, a deputy governor of the central bank for the past three years, is the key architect for the fundamental change in how monetary policy is framed in India. In 2014, it was a committee headed by Patel that recommended that RBI should follow an inflation-targeting approach, using consumer price inflation as the base, and a committee of the central bank and not the governor take the call on monetary policy. Read more here.

Urjit Patel: The hawk without a halo

The government’s decision to appoint Urjit Patel as the next governor of the Reserve Bank of India (RBI) is meant to reassure markets and investors—foreign investors in particular—that the sensible policies initiated by Raghuram Rajan will continue. Read more here.

Urjit Patel: An agenda of continuity

When Urjit Patel takes over as the 24th governor of the Reserve Bank of India (RBI) next month, it may feel like a case of “the more things change, the more they stay the same” at the central bank. Patel’s choice as the successor to Raghuram Rajan is a vote for continuity and that is what markets and bankers are expecting as the new governor takes charge. Read more here.

The economics of Urjit Patel

Reserve Bank of India governor-designate Urjit Patel is a man of few words. In his 43 months as deputy governor at the central bank, he has given one interview and delivered about two public addresses. Nevertheless, academic papers that he has authored and his interventions at RBI’s post-policy conference calls point to a man who is committed to the cause of low inflation and a critic of excessive government spending. Read more here.

Does Urjit Patel's appointment dim rate cut hopes?

With Urjit Patel’s appointment as the Reserve Bank of India (RBI) governor, it is advantage “hawks” in the Indian economy. Raghuram Rajan, backed by Patel, has focused on bringing down inflation over the past three years, maintaining that price pressures must be brought under control for sustainable growth. Read more here.

Will Urjit Patel be a puppet RBI Governor?

Being the first RBI Governor in the monetary policy committee (MPC) regime will be a big challenge for Urjit Patel as the government directly, or indirectly, will have a lot of say in deciding the interest rate trajectory. But, his selection by prime minister Narendra Modi as the next RBI Governor should help him in balancing the government's interests and a sound monetary policy stance. Read more here.

Urjit Patel a terrific choice as RBI governor: Jagdish Bhagwati

Globally acclaimed economist Jagdish Bhagwati on Saturday hailed the appointment of Urjit Patel as the next Reserve Bank of India governor as “terrific choice”, saying he is an ideal person to head the central bank. “Dr Urjit Patel is a terrific choice. A student of the great Indian economist, Professor T N Srinivasan, and also a macroeconomic expert trained at Yale, Patel will be an ideal Governor who can take over with distinction and continuity from Dr Raghuram Rajan,” Bhagwati told PTI. He is professor of Economics, Law, and International Relations at the Columbia University. Read more here.

WATCH: Urijit Patel is new RBI governor

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