The Government of India has re-appointed Dr Urjit R Patel as Deputy Governor of the Reserve Bank of India for a period of three years, which is effective from January 11, 2016.
Prior to it, Patel served a three-year term as Deputy Governor of RBI since Jan 11, 2013. Apart from that, he was also advisor (energy & infrastructure) with Boston Consulting Group.
Patel has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks. From 1996-1997, he was on deputation from the IMF to the RBI and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market.
Patel is seen as a key lieutenant of RBI Governor Raghuram Rajan and has been involved in some of the changes in the way RBI does things.