The
government re-appointed Urjit Patel as the deputy governor of Reserve Bank of
India for a three-year term, ensuring continuity for the team spearheading the
country's monetary policy under Governor Raghuram Rajan.
Patel,
who joined the RBI in January 2013, heads its monetary policy department and is
widely considered to be a trusted lieutenant to Governor Raghuram Rajan.
Formerly
Urjit Patel has worked with International Monetary Fund and president of
Reliance Industries Ltd, Patel headed the committee that drafted the landmark
shift in India’s monetary policy, putting the focus on consumer inflation and
introducing inflation targeting.
The
government has formed a search panel, which interviewed several candidates in
December, including Mr. Patel and two other Executive Directors of RBI. A Deputy
Governor of RBI can be appointed for a period of five years or till the age of
62, whichever is earlier. Mr. Patel, who was appointed as the Deputy Governor
in January 2013 had about two decades of experience across sectors including
financial, energy and infrastructure sectors.
Administrative structure
of RBI
1.
The bank is headed by the Governor and the post is currently held by economist
Raghuram Rajan.
2.
There are 4 Deputy Governors H R Khan, Dr Urjit Patel, R Gandhi and S S Mundra.
3.
Two of the four Deputy Governors are traditionally from RBI ranks, and are
selected from the Bank's Executive Directors. One is nominated from among the
Chairpersons of public sector banks and the other is an economist.
About RBI
1.
The Reserve Bank of India is India's central banking institution, which
controls the monetary policy of the Indian rupee.
2.
It commenced its operations on 1 April 1935 during the British Rule in
accordance with the provisions of the Reserve Bank of India Act, 1934.
Headquarters: Mumbai,
Maharashtra
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