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Dr. Urjit Patel is new governor of RBI

Ending months of speculation, the Appointments Committee of the Cabinet (ACC) on Saturday announced the appointment of Reserve Bank of India Deputy Governor Urijit Patel as successor to Governor Raghuram Rajan.
Dr. Patel will take up the top job for a three-year term on September 4, the day Dr. Rajan’s three-year term expires. The choice of Dr Patel reflects the government’s preference for continuity to the Rajan tradition. Dr. Patel, working closely with Dr. Rajan, is piloting India’s transition to a new monetary policy regime. The 52-year-old macro-economist was appointed deputy governor in 2013. Since then, he has been a key player in the RBI’s war on inflation. According to a press note announcing the appointment, Dr. Patel was picked in a new, two-step selection process.
New process
In the first step, the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary P. K. Sinha made a shortlist for the consideration of the ACC. “It undertook an extensive exercise to suggest a panel of names to the ACC,” the note said.

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