Finally, the search for the new chief of apex bank came at rest as after much speculations eminent economist Urjit Patel got appointed as the new RBI governor taking over the post of Raghuram Rajan, who will step down on September 4, this year.
The decision was taken by the government on Saturday who will take charge of the post after Raghuram steps down. As a report from Press Trust of India shared to The Times of India, “The Appointments Committee of Cabinet (ACC) has approved the appointment of Dr. Urjit R. Patel as Governor, Reserve Bank of India (RBI) for a period of three years w.e.f. 04.09.2016.”
The appointment was made on the recommendation of Financial Sector Regulatory Appointments Search Committee (FSRASC) led by Cabinet Secretariat. Similar to Rajan, Urjit Patel, too, is a Ph.D. in Economics from Yale University in an addition of M.Phil degree in Economics from Oxford University belonging to 1984 batch.
Earlier, Patel worked in Central Bank of India in January 2013 followed by making a way for the proposed monetary policy. Headed by Urjit in the bank, Rajan just in time was accredited with RBI governor post and soon headed a monetary policy department for the government. After serving as many as 3 years in Central Bank, he finally got appointed the new RBI governor.
Press Trust of India took to Twitter to make the announcement seconds after the revelation of the appointment by Union Cabinet.