Urjit Patel To Succeed Rajan As New Central Bank Chief


New Delhi: Urjit Patel, one of the four deputies to current Reserve Bank Governor Raghuram Rajan, will be the new central bank chief, the government said on Saturday.

52-year-old Dr Patel is currently serving his second consecutive term as deputy governor of the Reserve Bank. He has run the central bank’s monetary policy department since 2013.

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Seen as a close lieutenant to Dr Rajan, Dr Patel headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices.

Dr. Patel obtained his BA from the London School of Economics and pursued his Ph.D. from Yale University.