India’s new central bank governor is likely to be less outspoken than outgoing chief Raghuram Rajan, but no more inclined to easing.
Currently deputy governor at the Reserve Bank of India (RBI), Urjit Patel will take the helm on September 4 for a three-year term, with a possible two-year extension.
Since 2013, Patel has run the RBI’s Department of Monetary Policy and Research, as well as spearheading an expert committee—known as the Urjit Patel Committee Report—that recommended key changes to the country’s monetary policy framework. Among the committee recommendations was the creation of a Monetary Policy Committee (MPC), first discussed in 2014 and approved by the government earlier this year.
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