Mumbai: The government on Friday reappointed Urjit Patel, who headed a committee that paved the way for the proposed monetary policy committee, as the Deputy Governor of the Reserve Bank of India for a second three-year term.
“The government today re-appointed Urjit R Patel as deputy governor of RBI, for a further period of three years with effect from taking charge of the post on or after January 11, 2016, or, until further orders, whichever is earlier,” the central bank said in a statement on Friday evening.
Mr Patel joined the central bank on January 11, 2013, months before Raghuram Rajan took charge as the Governor, and has been heading the monetary policy department. Mr Rajan and Mr Patel had earlier worked together in the International Monetary Fund (IMF) in Washington.
The reappointment of Mr Patel assumes significance as in recent past none of the RBI deputy governors got a second term.
On his first day at work as the Governor, Mr Rajan had appointed a committee under Mr Patel to relook at the monetary policymaking and it came up with a report, which advocated a shift to making the RBI an inflation-targeting central bank.