Urjit Patel appointed as RBI Governor

20 Aug 2016 | Written by Sneha Johny; Edited by NewsBytes Desk

After Raghuram Rajan stepped down as RBI's Governor last month, Deputy Governor Urjit Patel was considered as a top contender for the bank's chief role.

On 20th Aug 2016, the Indian Government announced that Patel is set to succeed Raghuram Rajan as RBI's 24th Governor.

Urjit Patel will take over the reins from Rajan when his term ends on 4 September 2016.

In context: Urjit Patel: RBI's new Governor

AboutUrjit Patel: Life and education

Urjit Patel, born on 28th October 1963, is a highly acclaimed economist and financier, who is presently serving as RBI's Deputy Governor.

Patel completed his university studies from the renowned London School of Economics, later pursuing his M.Phil from Oxford University and completing his doctorate from Yale University in 1990.

Although of Indian origin, Patel soon stepped into IMF as a Kenyan citizen.

Career kickstartsPatel's illustrious career

After joining the IMF post his doctorate studies, Patel's work spanned the Bahamas, Myanmar and India.

He had aided work on India for the IMF, during its transition period in India in the early 1990s.

After his contributions to the IMF till 1995, he worked with India's central bank, advising them on a range of reforms, and various debt markets.

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11 Jan 2013Urjit Patel appointed RBI's Deputy Governor

Soon after his first stint with the RBI, he advised the Indian government across diverse fields such as telecom, civil and defense, aviation, and financial markets.

Patel later served as an adviser to the Boston Consulting Group across energy and infrastructure spaces.

On 11 January 2013, Dr. Patel was appointed as Deputy Governor with the RBI, as the central bank's fourth Deputy Governor.

Patel in spotlight: Commentator on UPA's '100-day action' program

Dr. Urjit Patel shared spotlight with some of India's top honchos, when he was cast as an expert commentator on the UPA government's moves as part of their '100-day action' program. He was telecast on a Hindi news channel that tracked those 100 days.

20 Aug 2016Urjit Patel appointed as RBI Governor

04 Dec 2016Urjit Patel gets Rs.2lakh/month, no support staff

The RBI revealed that its governor, Urjit Patel, draws a salary of Rs.2 lakh per month and is not provided with support-staff at his residence.

This is the same salary drawn by the former governor Raghuram Rajan; the data was revealed in response to an RTI query.

In contrast Rajan was provided one caretaker and nine maintenance attendants as supporting staff at his residence.

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02 Apr 2017RBI governor gets a pay hike

The government has more than doubled the salaries of the RBI Governor and Deputy Governors.

Governor Urjit Patel's salary has risen to Rs. 2,50,000 from a basic salary of Rs. 90,000 provided earlier, while that of Deputy Governors has been increased to Rs. 2,25,000 from Rs. 80,000 that was provided earlier.

RBI's senior officials' salaries constitute of basic salary as well as dearness allowances.