The monetary and banking regulator, Reserve Bank of India, has chosen and finalized upon prominent economist Urjit Patel's name to be its new Deputy Governor. The announcement was made by the Secretary of Department of Financial Services, Mr. D. K. Mittal who said, "Urjit Patel's name has been finalized."
Currently, Urjit Patel works as a consultant to the Boston Consulting Group apart from being a non-resident senior fellow of the US based Brookings Institution. He is also posted as the executive director of a private sector finance firm, IDFC.
Reportedly, he will replace the Deputy Governor of RBI, Mr. Subir Gokarn, who has recently retired. Gokarn was the in-charge of the monetary policy division of the regulator for his three year tenure, which was to end in November 2012 but, was extended for one month, till December 31, 2012.
It should be noted that RBI has four Deputy Governors, two of which are selected from RBI itself, one is appointed from the banking industry and one is an economist. The other three current Deputy Governors of RBI are H R Khan, K C Chakrabarty and Anand Sinha.