Urjit Patel, the current deputy governor of the Reserve Bank of India, has been named as the successor of Raghuram Rajan at the central bank, PTI reported. Patel authored RBI’s recommendation on setting up of the Monetary Policy Committee for setting interest rates. MPC is one of the landmark changes in the country’s monetary policy and inflation-targeting moves. Patel is known to be a close lieutenant to Rajan and has been praised by the RBI governor many times in the past. It is widely acknowledged that changes he helped drive are considered to be among the most significant monetary policy reforms since India opened up its economy in 1991. He has been a deputy governor of the RBI since January 7, 2013. Currently, Patel is in charge of monetary policy, economic policy research, statistics and information management, deposit insurance, etc.
