Urjit Patel takes over as RBI Dy Guv

Urjit Patel on Monday joined as the Deputy Governor of the Reserve Bank of India on Monday. Patel succeeds Subir Gokarn to head the critical monetary policy function at the Reserve Bank. He will head the departments of economic and statistical research and that of financial markets at the Bank for the next three years till January 10, 2016.

Patel's immediate priority will be on the third quarter monetary policy review due on January 29, where the Bank is expected to cut rates again after April 2012.

The 49 year old economist was on deputation from the IMF to the RBI earlier in 1996-1997.

Prior to his appointment as the Deputy Governor of the Reserve Bank, Patel was Advisor (energy and infrastructure), Boston Consulting Group. Patel is a Ph.D (Economics) from Yale University (1990) and M Phil. from Oxford (1986). He has been a non-resident Senior Fellow, The Brookings Institution since 2009. He was with International Monetary Fund between 1990 and 1995 and worked on the US, India, Bahamas and Myanmar desks.

Patel will be the fourth Deputy Governor, the other three being KC Chakrabarty, Anand Sinha and Harun R Khan.

New post created in the finance ministry

New Delhi: The Appointments Committee of Cabinet on Monday created a post of Officer on Special Duty (OSD) in the department of financial services in finance ministry for a period till January 31. Additional secretary and financial adviser, department of health and family welfare Rajiv Takru has also been appointed OSD. ENS

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