Urjit Patel, 49, on Monday took charge as deputy governor of the Reserve Bank of India (RBI). Patel has been offered a three-year term (ending January, 2016), the central bank said in a release. He succeeds Subir Gokarn, whose term ended on December 31.
Patel has been given charge of most of Gokarn's department like monetary policy department, economic research & policy, statistics and information management, financial markets, among others. The department of risk monitoring, which was earlier with Gokarn, has now been handled to another deputy governor Anand Sinha.
RBI has four deputy governors. Apart from Patel and Sinha, the others are K C Chakrabarty and H R Khan.
Patel's immediate task will be to offer his views in framing the monetary policy stance for the third quarter review, to be announced on January 29. RBI is widely expected to cut interest rates for the first time since April 2012 to revive growth.
Before joining RBI as deputy governor, Patel was advisor (energy & infrastructure), The Boston Consulting Group. During 1996-97, he was on deputation from the International Monetary Fund to RBI. He suggested ways to develop the debt market and reform the banking and pension sectors and the foreign exchange market.
During 1998-2001, he was consultant in the department of economic affairs, ministry of finance.
Patel has also spent significant time in the Indian corporate sector - he has had stints with Reliance Industries as president (business development) and Infrastructure Development Finance Company as executive director.