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Although Patel cited personal reasons for resigning from RBI, experts have opined that he was forced to exit because of serious differences with the
Government of India. The latter wanted more money from RBI to balance its fiscal deficit, which Patel did not agree to, citing requirement for long-term
463:
He studied in
Nairobi at Jamhuri High School, and prior to that the Gujarati community-run Visa Oshwal Primary School. He studied at the London School of Economics for a Bachelor of Science degree in 1984. He obtained an M.Phil. degree from University of Oxford in 1986. He was conferred a Ph.D. in
521:
On 20 August 2016, he was appointed as the governor of
Reserve Bank Of India (RBI). During his tenure, the Government of India demonetised the â‚ą500 and â‚ą1000 banknotes of the Mahatma Gandhi Series, with the stated intention of curbing corruption, black money, fake currency and terrorism from 9
643:
Recipient of the Wilbur Cross Medal, Yale
University, October 2019. Citation from Dean's letter: "This award not only recognizes your work as the twenty-fourth Governor of The Reserve Bank of India, it is a testament to your achievements in public service and your many contributions to
153:
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Born in Kenya in a
Gujarati family, Patel became a naturalised Indian citizen in 2013 before joining the RBI. On 11 January 2013, Patel was appointed as Deputy Governor of RBI for a period of three years; he was appointed for another three-year term in January 2016
417:, looking after monetary policy, economic research, financial markets, statistics and information management. He resigned from his post on 10 December 2018, being the first RBI governor to state personal reasons as a driving factor for resigning.
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In addition, there was a view in the government that RBI's stringent policies were hurting credit growth which may affect the economic growth of the nation in the future. Chief
Economic Advisor
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said that while he respected the RBI’s decision, there was a “plausible alternative macroeconomic assessment” and that a monetary policy easing was required for economic growth.
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There was also a growing perception that Patel had boxed himself into a corner by not communicating sufficiently with stakeholders or responding to market situation.
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fueled the controversy when he stated that he had advised the Union
Finance Minister to remove the RBI Governor because the latter was inflexible and adamant.
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On 10 December 2018 at 17:15 hrs IST, Urjit Patel resigned from the post of
Governor of the Reserve Bank of India (RBI) effective immediately.
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484:(RBI), where he played an advisory role in the development of the debt market, banking sector reforms, pension fund reforms, and targeting of
480:(IMF) in 1990, where he worked on the US, India, Bahamas and Myanmar desks till 1995. Thereafter he went on deputation from the IMF to the
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Between 2000 and 2004, Patel worked with several High-Level
Committees at both Central and State Government levels:
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In June 2022, Patel was appointed as the Vice
President for investment-operations for the Beijing-based
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792:"Urjit Patel appointed as vice president of AIIB; replaces ex-bureaucrat from Gujarat"
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406:(born 28 October 1963) is a Kenyan-born Indian economist, who formerly served as the
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on 28 October 1963 to Manjula and Ravindra Patel. His grandfather had migrated from
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870:"PM praises contribution of Urjit Patel, says will miss him - Times of India"
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in the 20th century. His father ran Rexo Products Ltd, a chemical factory in
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in 1990. He was at IMF India Desk during the 1991–94 transition period.
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772:"Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi"
747:"Urjit Patel resigns as RBI governor: A look at his illustrious career"
345:
729:"Urjit Patel: The independent-minded RBI governor who found his voice"
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Elected Honorary Fellow, Linacre College, University of Oxford 2019.
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High-Level Expert Group on Civil and Defence Services Pension System
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686:"Dr. Urjit Patel appointed new Governor of Reserve Bank of India"
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914:"Urjit Patel, RBI's Inflation warrior with Corporate Background"
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from the article and its talk page, especially if potentially
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532:(AIIB), one of the leading multilateral banks in the world.
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844:"Gadkari tells Finance Minister to sack RBI Governor"
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Malevolent Republic: A Short History of the New India
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710:
422:National Institute of Public Finance and Policy
166:National Institute of Public Finance and Policy
1310:
943:
498:Prime Minister's Task Force on Infrastructure
818:"Urjit Patel Resigns - Here are the reasons"
476:After obtaining his Ph.D., Patel joined the
209:4 September 2016 – 10 December 2018
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597:Infrastructure Development Finance Company
561:However, on his departure, Prime Minister
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56:about living persons that is unsourced or
127:Learn how and when to remove this message
1561:Alumni of the London School of Economics
507:Expert Group on State Electricity Boards
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669:"Urjit Patel appointed Deputy Governor"
569:appreciated Patel for his work in RBI.
1571:Governors of the Reserve Bank of India
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420:Urjit currently serves as Chairman of
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633:(4 September 2016 - 10 December 2018)
501:Group of Ministers on Telecom Matters
411:Governor of the Reserve Bank of India
197:Governor of the Reserve Bank of India
896:"Urjit Patel appointed RBI Governor"
680:
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626:(11 January 2013 - 3 September 2016)
530:Asian Infrastructure Investment Bank
18:
611:Gujarat State Petroleum Corporation
504:Committee on Civil Aviation Reforms
13:
1556:Alumni of the University of London
604:Integrated Energy Policy Committee
588:President (Business Development),
252:11 January 2013 - 4 September 2016
14:
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1596:Kenyan people of Gujarati descent
1566:Alumni of Linacre College, Oxford
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606:, Government of India (2004-2006)
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1591:Kenyan people of Indian descent
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513:Competition Commission of India
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1621:20th-century Indian economists
1616:21st-century Kenyan economists
1611:20th-century Kenyan economists
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582:, Washington D. C. (2009-2012)
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1606:Naturalised citizens of India
1581:Alumni of Jamhuri High School
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428:and independent director of
413:and also Deputy Governor of
34:biography of a living person
7:
578:Nonresident Senior Fellow,
478:International Monetary Fund
61:must be removed immediately
10:
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495:Task Force on Direct Taxes
352:London School of Economics
1601:Kenyan emigrants to India
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711:K. S. Komireddi (2019).
617:Multi Commodity Exchange
615:Non-Executive Director,
609:Non-Executive Director,
440:Urjit Patel was born in
436:Early life and education
876:. TNN. 11 December 2018
359:Linacre College, Oxford
1576:Yale University alumni
48:Please help by adding
1337:Reserve Bank of India
717:. Hurst. p. 170.
631:Reserve Bank of India
624:Reserve Bank of India
565:and Finance Minister
541:financial stability.
482:Reserve Bank of India
415:Reserve Bank of India
240:Reserve Bank of India
1415:Sarukkai Jagannathan
595:Executive Director,
430:John Cockerill India
426:Britannia Industries
296:Urjit Ravindra Patel
54:Contentious material
1586:People from Nairobi
735:. 11 December 2018.
590:Reliance Industries
573:Important positions
472:Professional career
238:Deputy Governor of
1397:P. C. Bhattacharya
1365:James Braid Taylor
1088:Villeroy de Galhau
919:The Times of India
874:The Times of India
824:. 11 December 2018
796:The Indian Express
777:The Indian Express
546:Arvind Subramanian
486:real exchange rate
1523:
1522:
1463:S. Venkitaramanan
1385:K. G. Ambegaonkar
1292:
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961:governors of the
848:Business Standard
798:. 11 January 2022
780:, 9 November 2016
622:Deputy Governor,
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37:needs additional
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1487:Duvvuri Subbarao
1403:Lakshmi Kant Jha
1379:Benegal Rama Rau
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554:In August 2019
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1507:(2018–present)
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1493:Raghuram Rajan
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76:"Urjit Patel"
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72:Find sources:
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21:
20:
1498:
1451:Amitav Ghosh
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959:Central bank
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878:. Retrieved
873:
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852:. Retrieved
847:
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826:. Retrieved
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802:26 September
800:. Retrieved
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754:. Retrieved
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694:. Retrieved
689:
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567:Arun Jaitley
560:
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419:
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272:Succeeded by
247:
227:Succeeded by
204:
190:19 June 2020
184:
173:
164:Chairman of
138:
123:
114:
104:
97:
90:
83:
71:
60:
43:verification
36:
1536:1963 births
1501:(2016–2018)
1499:Urjit Patel
1481:Y. V. Reddy
1477:(1997–2003)
1475:Bimal Jalan
1439:I. G. Patel
1028:Campos Neto
756:10 December
690:DeshGujarat
599:(1997-2006)
592:(2007-2011)
448:village in
404:Urjit Patel
330:(1963–2013)
322:Nationality
215:Preceded by
145:Urjit Patel
1530:Categories
1427:K. R. Puri
1193:Nabiullina
652:References
629:Governor,
376:Profession
346:Alma mater
302:1963-10-28
87:newspapers
1495:(2013–16)
1489:(2008–13)
1483:(2003–08)
1471:(1992–97)
1465:(1990–92)
1459:(1985–90)
1447:(1982–85)
1441:(1977–82)
1429:(1975–77)
1417:(1970–75)
1405:(1967–70)
1399:(1962–67)
1393:(1957–62)
1381:(1949–57)
1374:(1943–49)
1367:(1937–43)
1360:(1935–37)
1333:Governors
1208:Almubarak
1178:RodrĂguez
901:The Hindu
854:12 August
828:12 August
751:CNBC TV18
386:Signature
380:Economist
362:(M.Phil.)
248:In office
205:In office
175:Incumbent
117:July 2018
39:citations
1223:Kganyago
733:Livemint
696:16 April
602:Member,
257:Governor
65:libelous
1335:of the
1253:Karahan
1148:Panetta
1133:Warjiyo
1073:Lagarde
1043:Macklem
1013:Bullock
998:Bausili
880:22 June
458:Nairobi
446:Mahudha
442:Nairobi
369:(Ph.D.)
334:Indian
328:Kenyan
312:Nairobi
101:scholar
1453:(1985)
1435:(1977)
1423:(1975)
1411:(1970)
1387:(1957)
1283:Powell
1281:
1268:Bailey
1266:
1251:
1236:
1221:
1206:
1191:
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1146:
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1101:
1086:
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1056:
1041:
1026:
1011:
996:
981:
638:Awards
103:
96:
89:
82:
74:
1103:Nagel
454:Kenya
355:(BSc)
195:24th
188:
108:JSTOR
94:books
32:This
1377:Sir
1370:Sir
1363:Sir
1356:Sir
1238:Rhee
1163:Ueda
882:2022
856:2019
830:2019
804:2023
758:2018
698:2018
408:24th
292:Born
80:news
41:for
1118:Das
1058:Pan
983:TBA
963:G20
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