Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4th September, 2016. He will replace the present RBI Governor Dr. Raghuram Rajan. Dr Patel is presently the Deputy Governor of RBI and is holding this assignment since 2013.
Patel's academic credentials can't be challenged as he had stints at the International Monetary Fund (IMF) and the Union government. In 1996-97, he had nearly two years of association with the RBI, when he was sent on deputation from the IMF (where he worked during 1990-95).
He has also worked as several central and state government high level committees including Task Force on Direct Taxes and Group of Ministers on Telecom Matters etc between 2000 and 2004.
Patel holds a PhD in Economics from Yale University (1990). Apart from this, he had MPhil from Oxford (1986)and the Brookings Institution since 2009.
He joined RBI in 2013, and was given a second term in January this year. In a major achievememnt, he run the central bank's monetary policy department since 2013.