Urjit R Patel. — Reuters file
Tribune News Service
New Delhi, August 20
The Centre on Saturday appointed
Urjit R Patel as the next Governor of the Reserve Bank of India stating that
for the first time a “systematic approach and objective mechanism” has been put
in place to select the person for the post.
Patel, currently Deputy Governor in
the RBI since January 2013, will take charge on September 4, after the tenure
of current incumbent Raghuram Rajan comes to an end.
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Patel (53) holds a Doctorate in
Economics from Yale University and a graduate of the University of London
and Oxford.
Rajan has decided to return to the
world of academia in the United States, amid a constant tug-of-war between him
and the government of monetary policy during the last two years.
“The appointment has been made on
the recommendation of the Financial Sector Regulatory Appointments Search
Committee headed by the Cabinet Secretary. The Committee undertook an extensive
exercise to suggest a panel of names to the Appointments Committee of Cabinet
(ACC). For the first time, a systematic approach and an objective mechanism
have been put in place,” the ACC said in a release.
The Search
Committee met twice to discuss all possible names that could be considered for
this assignment and had submitted a short panel of names to the ACC
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