Biocon chief, Kiran Mazumdar Shaw on Saturday welcomed the appointment of Urjit Patel as the new RBI governor. Speaking to CNBC TV18, she said, “Not surprised with Urjit Patel’s appointment as RBI Governor. He has worked closely with Governor Rajan.” Stressing on the fact that India Inc wants to see a lower interest rate, Kiran Mazumdar Shaw said, “Urjit Patel is familiar with balancing act between inflation & growth.” As deputy governor, Urjit Patel headed a panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank. Supporting Shaw, SBI chairman Arundhati Bhattacharya said, “Appointment of Urjit Patel comes as a welcome move. His appointment signals a continuity of policy intent, both RBI’s and government’s.” Current governor Rajan who decided not to seek a second term is going back to academics at the University of Chicago.
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As per the decision taken by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, Urjit Patel gets a three-year tenure, a press note said. Sunil Godhwani, Whole-time Director & CEO, Religare Enterprises said, “The news of Dr. Urjit Patel’s appointment as the RBI Governor is a step in the right direction. Having worked with Dr. Rajan, and being an existing part of the RBI machinery, this is a welcome and natural progression. We are hopeful that he will continue the good work of balancing inflation while encouraging economic growth.” Jay Shankar, Chief India Economist & Director, Religare Capital Markets, said, “His appointment would ensure continuity of RBI’s policy stance. He should be able to hit ground zero on day one, without needing a lead time to become familiar with policy making process and procedures. Markets – equity and bond – should react positively on Monday.”