Urjit Ravindra Patel is an Indian economist, who is currently serving as Governor of the Reserve Bank of India since September 2016. Previously, as an RBI deputy governor, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.
Urjit Patel Age, Biography, Wife and DOB
Appointed by the Narendra Modi government, Patel succeeded Raghuram Rajan as RBI governor on 4 September 2016.
Urjit Patel Bio and Personal Life
|Real Name||Urjit R. Patel|
|Height||in centimeters- 178 cm|
in meters- 1.78 m
in Feet Inches- 5’ 10”
|Weight||in Kilograms- 74 kg|
in Pounds- 163 lbs
|Date of Birth||28 October 1963|
|Age (as in 2016)||53 Years|
|Birth Place||Nairobi, Kenya|
|Zodiac sign/Sun sign||Scorpio|
|College||London School of Economics, London, United Kingdom (BA)|
University of Oxford, England, United Kingdom (M. Phil.)
Yale University, Connecticut, USA (Doctorate in Economics)
|Educational Qualifications||Doctorate in Economics|
|Sister- 1||(Settled in New Jersey, United States)|
Urjit Patel Early life and education
Urjit Patel obtained his Bachelor’s in Economics from the London School of Economics, M. Phil. degree from Oxford University in 1986. He received his doctorate in Economics from Yale University in 1990.
He was at IMF India desk during the 1991–94 transition period. He was posted to IMF country mission in India 1992–95. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009. Mahudha in Kheda district of Gujarat is his ancestral village.
Urjit Patel Professional career
After obtaining his PhD, Patel joined the International Monetary Fund in 1990 worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995. Thereafter he went on deputation from the IMF to the Reserve Bank of India, where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, targeting of real exchange rate.
After the 2 year deputation with RBI, Patel became a Consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs – a position he held from 1998 to 2001.
Between 2000 and 2004, Patel worked with several High Level Committees at both Central and State Government level, including Competition Commission, Task Force on Direct Taxes, Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Advisory Committee on Research Projects and Market Studies, Committee on Civil Aviation Reforms, Expert Group on State Electricity Boards and High Level Expert Group on Civil & Defence Services Pension System.
On 11 January 2013, Patel was appointed as Deputy Governor of RBI for a period of three years. He took over charge of the vital Monetary Policy Department, succeeding Subir Gokarn to the post. As the Deputy Governor of RBI from 2013, he looked after monetary policy, economic policy research, statistics and information management, deposit insurance, communication and Right to Information.
On 20 August 2016, he was appointed as the governor of Reserve Bank Of India (RBI) succeeding Raghuram Rajan. During his tenure, the Government of India demonetised the ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series, with the stated intention of curbing corruption, black money, fake currency and terrorism from 9 November 2016.
Urjit Patel Important positions
- Adviser, Boston Consulting Group
- President (Business Development), Reliance Industries (1997-2006)
- Executive Director, Infrastructure Development Finance Company (1996-1997)
- Member, Integrated Energy Policy Committee, Government of India (2004-2006)
- Non-Executive Director, Gujarat State Petroleum Corporation
- Non-Executive Director, Multi Commodity Exchange of India Limited
- Deputy Governor, Reserve Bank of India.
- Governor, Reserve Bank of India (from 4 September 2016)
Some Lesser Known Facts About Urjit Patel
- Urjit Patel is considered as an eminent economist, banker and consultant.
- He was born in Nairobi, Kenya.
- His grandfather migrated to Kenya from Gujarat in the early 20th century.
- His father was also born in Kenya and had a business of spare parts in Nairobi.
- In 1990, he received his Doctorate in Economics from Yale University.
- He joined International Monetary Fund (IMF) as a Kenyan citizen.
- He worked on the Bahamas, India, USA and Myanmar desks at IMF from 1990 to 1995.
- In 1996-1997, he was deputed to the Reserve Bank of India from IMF and after completing two years of deputation at the RBI. He became Consultant to the Ministry of Finance (Department of Economic Affairs) of the Government of India and remained at that post from 1998 to 2001.
- He learned Gujarati and Hindi only after his posting in India.
- In 2013, he was appointed as Deputy Governor of the RBI and headed a committee on Monetary Policy Reform.
- Before becoming the Deputy-Governor of the RBI in 2013, he applied for the Indian Passport and his recommendation later to the Home Ministry was written by none other than Manmohan Singh (the then Prime Minister of India).
- In 2016, he was re-appointed as Deputy Governor of the RBI.
- On 4 September 2016, he became the 24th Governor of the Reserve Bank of India (RBI).
- He has a very small circle of friends and is considered as a “jolly fellow”.
- He lives with his mother in an small apartment in Mumbai.
- According to sources, he declined an offer to head the BRICS bank in Shanghai.
Urjit Patel Other contributions
When the UPA Government in India came into power for a second term in 2009, it announced a ‘100-day’ action plan, which became a hot topic for media discussion. Surprisingly, Urjit Patel was the expert commentator on UPA’s first 100 days on Hindi News Channel, although he had no prior media exposure in India.
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