Meet the New Deputy Governor of RBI - Urgit Patel

The Indian government today (2nd Jan 2012 -Wednesday) has appointed Renowned Economist and public finance expert Urjit Patel as a Deputy Governor of the Reserve Bank of India (RBI), putting an end to weeks of speculation over who would fill the position left vacant by the exit of Subir Gokarn, whose term ended Monday. "Urjit Patel's name has been finalised," department of financial services secretary D K Mittal said.

Initially RBI announced in a statement Tuesday that the Department of Economic and Policy Research, Department of Statistics and Information Management and Monetary Policy Department which earlier were under the control of Mr Gokarn would report directly to Governor D. Subbaro till further orders. Now, Mr Patel, will handle monetary policy department at the central bank. Patel presently is working as a non-resident senior fellow at the Brookings Institution, a US-based think-tank. He is also a consultant to the Boston Consulting Group.