Urjit Patel May Get Extension as RBI Deputy Governor: Report
Mumbai: The government is set to extend the term of the central banker behind monetary policy changes that have helped reduce the country’s chronically high inflation, signalling confidence in Governor Raghuram Rajan’s team at the Reserve Bank of India (RBI).
Urjit Patel – the architect of a switch to formally target inflation, among other changes – is likely to stay on as a deputy governor when his three-year term ends next week, government and policymaker sources said.
An announcement is expected within days.
Dr Patel, one of the RBI’s four deputy governors, has run the monetary policy department since 2013. Both Dr Rajan and Dr Patel share an expatriate background – Patel has a doctorate in economics from Yale University – and both worked at the International Monetary Fund, albeit at different times.
Dr Patel’s reappointment will raise market hopes that Dr Rajan will also be offered an extension when his tenure ends in September. Dr Rajan was appointed by previous Congress-led government.
Read full article: NDTV
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