Urjit Patel, one of the Deputy Governors of the apex bank RBI has been appointed its next Governor replacing Raghuram Rajan. Patel who is of the same age as Rajan is a graduate from London School of Economics-an institution populated by students of Asian heritage.
The co-operative sector has great hopes from the new governor as the apex bank has yet to do something concrete for strengthening the sector.
Patel looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.
Welcoming the new Governor Finance Minister Arun Jaitley tweeted “I’m sure he will successfully lead the Reserve Bank & contribute to India’s economic development,”. Named as 24th Governor of the Reserve Bank, Patel will take over as head of the central bank from Raghuram Rajan on September 4.
Congratulations for Patel virtually inundated social media as soon as his name was announced. Revenue Secretary, NITI Aayog’s CEO Amitabh Kant, SBI Chairman Arundhati Bhattacharya and many others congratulated him.
All hold him in high esteem and agree he is an economist who knows the country’s macroeconomic scenario well.