The Reserve Bank of India (RBI) on Monday said Urjit Patel has assumed charge as the Governor of the central bank on Monday.
“Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013,” the central bank said in a press statement. Dr. Patel has been given a three year term. Dr. Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia. On August 20, the appointment committee of cabinet approved the appointment of Dr. Patel for three years, with effect from September 4. The handover ceremony will take place on Tuesday, since September 4 was a Sunday and Monday was a holiday due to Ganesh Chaturti. Dr. Patel’s tenure as deputy governor was extended earlier this year. “Dr. Patel has also served at the International Monetary Fund (IMF). He was on deputation from the IMF to the Reserve Bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market,” RBI said.