Urjit Patel reappointed as RBI deputy governor for three more years Urjit Patel reappointed as RBI deputy governor for three more years

Government has re-appointed Urjit Patel as the deputy governor of Reserve Bank of India for a three-year term. Patel is a doctorate from Yale University, also had a stint at IMF.

• Patel, a close confidante of Rajan for shaping and implementing monetary policy was earlier appointed as deputy governor for a period of three years from January 11, 2013.
• Patel is the fourth deputy governor, the other three being HR Khan, R Gandhiand SS Mundra.

The Patel panel report is the basis of the monetary policy committee which takes a lot of powers of the RBI. Under the independent monetary policy committee, which is being set up, the government will set an inflation target to the RBI and the governor will be made answerable to Parliament if he fails to contain inflation at the given target.