Stating that the New RBI governor Urjit Patel may not get the advantage of low commodity prices, Keki Mistry, Vice Chairman and CEO, HDFC on Monday said that Patel will have to ensure Rupee and liquidity balance in the market. Speaking to ET Now he also said Patel will also have to maintain proper inflation levels going ahead. “New RBI Guv will have to ensure Rupee & liquidity balance in the market. He will also have to maintain proper inflation levels going ahead.” Urjit Patel has assumed charge as the 24th Governor of Reserve Bank, succeeding Raghuram Rajan whose three-year controversy-ridden tenure ended yesterday. Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today.
Urjit Patel Begins 3-Year Term As RBI Governor by FinancialExpress
He was reappointed as deputy governor on January 11, 2016, after the completion of his first three-year term in office. Among his assignments as deputy governor, Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework. “Representing India, he actively participated in steering the signing into force of the inter-governmental treaty and the Inter-Central Bank Agreement (ICBA) among the BRICS nations, which led to the establishment of the Contingent Reserve Arrangement (CRA), a swap line framework among the central banks of these countries,” RBI said.
He has also served at the International Monetary Fund (IMF). Patel was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking reforms, pension reforms, and evolution of the foreign exchange market. Patel has a PhD in economics from Yale University, an M Phil from University of Oxford and a BSc from the University of London.